Russian Firms Want to Permission to Use Crypto and Stablecoins

Some firms in the nation have begun using tokens like Bitcoin (BTC) in cross-border trade. Earlier this month, a new law came into force, allowing companies to use coins as a payment tool in an “experimental” sandbox operated by the Russian Central Bank.

But many firms appear to think this is too restrictive, and want to be allowed to use whatever payment tools they see fit in cross-border trade.

“It is important that businesses have a real opportunity to use any sort of reliable digital currency […] in foreign economic activity. That includes cryptocurrencies and stablecoins, which use blockchain and cryptography technology.”

Alexander Shokhin, President of the Russian Union of Industrialists and Entrepreneurs.

The business leader claimed that companies also needed access to Russian-made alternatives to SWIFT banking systems.

The RSPP chief added that his organization was “actively developing cooperation” with the Russian Ministry of Foreign Affairs.

And he hinted that in a post-sanctions world, nations all over the globe may look to ease restrictions on firms who want to use blockchain-powered assets to do business.

Global Trade Changes Coming?

Shokhin highlighted recent recommendations from the Business 20 (B20), a group of 900 international business leaders, to the leaders of the G20.

He said the B20 had this year asked political leaders to reconsider the way it allows firms to trade with one another.

The B20 has submitted its requests to the G20 ahead of the latter’s upcoming summit in São Paulo, Brazil, on October 24 and 25.

Although the B20 made no direct mention of crypto or stablecoins in its public recommendations, it called on leaders to “promote sustainable and resilient trade and investment.” The B20 said leaders should:

“Initiate a review of restrictive unilateral trade policies by G20 countries over the past three years.”

Shokhin concluded that Moscow needs to “eliminate existing barriers in legislation” to promote trade, including crypto-powered business.

He said improvements were “primarily” required” in the “taxation and currency control” sectors.

Crypto: Taking Center Stage

Crypto-related matters have taken center stage at the Eastern Economic Forum this year. Organizers have held several sessions dedicated to crypto and BTC mining.

President Vladimir Putin also mentioned crypto mining during one of his addresses to the forum.

And a Russian government ministry said it wants to allow miners access to surplus electrical power.