Rostec, Russia’s largest industrial and technology conglomerate, is reportedly testing payments with digital assets in international trade.

Bitcoin Dotcom, a media outlet specializing in cryptocurrency, reported on the 12th (local time) that Rostech, a Russian technology complex, is working on a project to integrate cryptocurrency into trade between countries, and is paying attention to Rusky Island off Vladivostok as a cryptocurrency payment test area.

Rostech, a state-run company, said the market is interested in cryptocurrency payments that can reduce Western pressure on Russian exporters.

Russia’s economy, especially foreign trade activities, has been hit hard by financial restrictions imposed by the West on Moscow’s military intervention in Ukraine. Proposals to legalize the use of digital financial assets in transactions with partners, including cryptocurrencies, stablecoins and upcoming digital rubles, are gaining support among officials.

◇ Rostech is paying attention to Rusky Island to try to pay in digital currency

At the “Digital Finance: New Way of Development” conference at the Eastern Economic Forum last week, Rostek’s national project Anna Sharipova said the company was exploring the possibility of testing digital assets as an import and export payment method. A trial will be held on Rusky Island, off Vladivostok, Russia’s second largest city in the Far East, under an experimental legal system for electronic transactions.

Bit Media (Bits), a media specializing in cryptocurrency.Media) quoted the senior management as saying that the market is now very interested in introducing cryptocurrency into international trade relations. Sharipova explained that suppliers and consumers separated by borders are looking for a modern and efficient payment system in the face of various restrictions caused by sanctions. Rostech experts are currently developing a project launch strategy with the support of market participants and local authorities.

By fonuder

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