Digital assets integrate international trade transactions!

Russian tech giant, Rostec State Corporation, will test digital asset-based payments in international trade. This is a state-owned company with a strong interest in cryptocurrencies. The project she is working on aims to integrate virtual currencies into cross-border trade. She believes that this payment system can reduce the pressure of sanctions on Russian importers and exporters.

Rostec: Testing digital currency payments on Russky’s Island

The financial restrictions imposed by the West due to the military intervention in Ukraine have severely affected the Russian economy. The integration of cryptos in cross-border transactions, for Rostec, aims to limit the pressure on Russian operators. Pay-per-digital-asset trials will take place on Russky Island. These operations will be carried out under the experimental legal regime of electronic commerce.

Officials expressed support for proposals to legalize the use of digital assets in transactions. They mention in particular cryptocurrencies, stablecoins and the future digital ruble.

A necessary introduction of digital assets in payment systems

According to the Director of National Projects at Rostec, trade players are moving towards modern settlement systems. Which is more effective in the face of the many restrictions resulting from sanctions. With the support of these actors and local authorities, this giant is currently developing its strategy for launching the project.

Also, Alexey Moiseev asserted the need for the Russian government to legalize. Moreover, it must also regulate international payments as soon as possible. Anatoly Aksakov, the head of the State Duma’s Committee on Financial Markets stressed the importance of an appropriate legal framework.

Last June, Rostec announced that it had developed an alternative to SWIFT. It is a global payment messaging system. This system is disconnected from many Russian banks. This alternative is based on the blockchain. Its purpose is to facilitate the processing of international payments and to store cryptocurrencies.

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