Connect with us

Cryptocurrency News

Russia should use crypto for payments with Africa, commerce exec says

Russia should use crypto for payments with Africa, commerce exec says

An executive at Russia’s Chamber of Commerce and Industry has called on the government to conduct cross-border settlements in cryptocurrencies and central bank digital currencies (CBDC).

Chamber president Sergei Katyrin sent a letter to Russian Prime Minister Mikhail Mishustin, providing a set of proposals for developing cooperation with African countries, the local state-backed publication TASS reported Thursday.

In the letter, Katyrin reportedly advocated the use of CBDCs and cryptocurrencies for mutual settlement and payments as part of Russia’s move into Africa amid Western sanctions, stating:

“It seems useful to instruct the Ministry of Finance of the Russian Federation, together with the Central Bank, to ensure providing intergovernmental agreements with African states on the use of national currencies and cryptocurrencies in mutual settlements and payments.”

The executive went on to say that it’s important to establish a special export-import bank and a trust fund to support export activities in small and medium-sized businesses in African countries.

The news comes as several countries in Africa are considering cooperation with Russia-linked blockchain networks.

On Monday, Cameroon, the Democratic Republic of the Congo (DRC) and the Republic of the Congo issued a joint announcement on the national plans to adopt TON, the Telegram-initiated layer-1 proof-of-stake blockchain. The DRC is also reportedly considering launching a new national stablecoin built on top of the TON blockchain.

Though Telegram is not formally involved in the TON blockchain after abandoning the project in May 2020, Telegram co-founder Pavel Durov expressed public support of TON and its possible integrations on the Telegram messenger in late 2021.

“These countries will each undertake a phased transition to adopting cryptocurrency as a central pillar of their economic structures,” the countries said in the announcement.

Russia is still working on a federal crypto bill after prohibiting residents from payments in cryptocurrencies like Bitcoin (BTC) in early 2021. In mid-February, the Bank of Russia officially launched the digital ruble trial, successfully completing the first CBDC transfers among citizens.

Related: Crypto users in Africa grew by 2,500% in 2021: Report

A number of countries in Africa have also been progressing with CBDC development, with countries like Kenya and the Republic of South Africa reporting some progress with CBDCs earlier this year. Last year, Ghana was working to develop offline capabilities for its potential CBDC in a bid to promote its use across all segments of society.

Content link

Splinterlands Decentralizes, SPS Validator Software Goes Open Source
NFT News10 months ago

Splinterlands Decentralizes, SPS Validator Software Goes Open Source

Rent-to-Own Homes Are Back With a Fintech Facelift,
Forex News10 months ago

Rent-to-Own Homes Are Back With a Fintech Facelift,

RNC withdraws from ‘biased’ Commission on Presidential Debates
Stock Markets News10 months ago

RNC withdraws from ‘biased’ Commission on Presidential Debates

Rent Prices Drop in San Francisco, Chicago During Pandemic
Finance News10 months ago

Rent Prices Drop in San Francisco, Chicago During Pandemic

Splinterlands Moves to Decentralize Validator Nodes with License Offering
NFT News10 months ago

Splinterlands Moves to Decentralize Validator Nodes with License Offering

How Much Should I Have in My 401(k) at 50?
Forex News10 months ago

How Much Should I Have in My 401(k) at 50?

Opinion: Twitter's board owes it to shareholders to accept Elon Musk's offer
Stock Markets News10 months ago

Opinion: Twitter’s board owes it to shareholders to accept Elon Musk’s offer

Elon Musk 'profited $150 million against the backs of common shareholders,' lawyer says
Finance News10 months ago

‘No board in America is going to take that number’

'The weight of this debt is crushing': I'm 74, and a retired speech-language pathologist with a student-loan debt of $200K. Am I obliged to pay it off?
Forex News10 months ago

‘Please help!’ It seems like I have been paying my child’s student loan forever. How much longer must I pay it off?

Wikipedia Community Pushes Back Against Crypto Donations
NFT News10 months ago

Wikipedia Community Pushes Back Against Crypto Donations

Twitter stock could crash 20% if board rejects Elon Musk's offer: analyst
Forex News10 months ago

Twitter stock could crash 20% if board rejects Elon Musk’s offer: analyst

Elon Musk’s Twitter bid may tempt retail investors to 'buy the rumor, sell the news' — Here's what financial advisers suggest instead
Stock Markets News10 months ago

Elon Musk’s Twitter bid may tempt retail investors to ‘buy the rumor, sell the news’ — Here’s what financial advisers suggest instead

Twitter Weighs Poison Pill to Prevent Musk From Increasing
Stake Significantly
Finance News10 months ago

Twitter Weighs Poison Pill to Prevent Musk From Increasing Stake Significantly

Here’s why Chiliz (CHZ) multi-team NFL partnership and Web3 expansion plan could be bullish
Cryptocurrency News10 months ago

Here’s why Chiliz (CHZ) multi-team NFL partnership and Web3 expansion plan could be bullish

Traders Move ETH out of Centralized Exchanges and into DeFi
NFT News10 months ago

Traders Move ETH out of Centralized Exchanges and into DeFi

North Korean Lazarus Group allegedly behind Ronin Bridge hack
Cryptocurrency News10 months ago

North Korean Lazarus Group allegedly behind Ronin Bridge hack

How Blockchain Bridges Became Hackers’ Prime Targets
NFT News10 months ago

How Blockchain Bridges Became Hackers’ Prime Targets

Elon Musk makes $43 billion cash takeover offer for Twitter By Reuters
Stock Markets News10 months ago

With Twitter in his sights, Musk creates new model of 21st century billionaire By Reuters

Archie Comics and Palm NFT Studio want fans to co-create the comic’s future series
Cryptocurrency News10 months ago

Archie Comics and Palm NFT Studio want fans to co-create the comic’s future series

how Hackatao is changing the face of PFPs – SuperRare Editorial
NFT News10 months ago

how Hackatao is changing the face of PFPs – SuperRare Editorial

Copyright 2020-2022 © All rights Reserved. CAK Strategic Consulting, LI.