Russia’s leading technology giant Rostec is working on a project to integrate digital assets into cross-border trade.
The state-owned company says the market is interested in cryptocurrency payments, which could ease the sanctions pressure on Russian exporters and importers.
Rostec to Try Digital Asset Payments
Russia’s leading technology giant Rostec is working on a project to use digital assets in cross-border trade.
Rostec, the largest Russian industrial and technology conglomerate, is preparing to launch a project dedicated to integrating cryptocurrencies into cross-border transactions. The main goal in this project is to reduce the negative impact on the activities of Russian importers and exporters, which are under increasing pressure from sanctions.
The Russian economy, especially foreign trade operations, has been hit hard by the Western financial restrictions on Moscow’s military intervention in Ukraine. Proposals in agreements with partners to legalize the use of digital financial assets, including cryptocurrencies, stablecoins and the upcoming digital ruble, are gaining support from authorities.
Speaking during the “Digital Finance: New Paths to Development” conference at the Eastern Economic Forum this week, Rostec’s Managing Director of National Projects, Anna Sharipova, explained that the company is exploring the possibility of testing digital assets as a means of payment for imports and exports. The trials will take place under the experimental legal regime for electronic commerce on Russky Island off the coast of Vladivostok, the second largest city in Russia’s Far East.
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