Russian Giant Rostec to add Crypto to International Commerce
Rostec, Russia’s biggest industrial and technological corporation, is all set to launch a project that allows international commerce via cryptocurrencies. The most significant goal here is to reduce the hazardous impact of sanctions on the Russian importers and exporters due to mounting pressure.
The Russian economy was gravely impacted by the western financial sanctions placed on Russia due to Moscow’s military action in Ukraine. This significantly impacted the country’s international trade activities as well. Proposals to approve the use of digital financial assets in negotiations with partners, including cryptocurrency, stablecoins, and the imminent digital ruble, have garnered positive word among authorities.
Anna Sharipova, the Managing Director for National Projects of Rostec, said at the Eastern Economic Forum’s “Digital Finance: New Ways of Development” that the company is considering experimenting with digital assets to make them a payment method for imports and exports. Russky Island, located off the Vladivostok coast, will host trials under the experimental legal system for e-trading.
The market is now excited to incorporate cryptocurrencies, according to a high-ranking executive, especially in international commercial connections. Suppliers and customers physically separated by borders due to sanctions are looking for innovative and efficient settlement solutions to ease the constraints. Rostec specialists are currently working with project backers in the market and local officials to polish the project’s launch plan. The Ukraine war is nowhere near its end, with none of the two willing to give up.