[ad_1]
Russian Foreign Minister Sergei Lavrov has emphasized Moscow’s intention to get rid of the USD – and has suggested that cryptocurrencies can certainly play a role in getting rid of the greenback in commercial transactions.
Cryptocurrencies will definitely play a role in international trade
Lavrov’s comments could offer real hope to those hoping cryptocurrencies will find use cases in international payment transactions.
According to Tass news agency, Foreign Minister Lavrov stated:
“I think there will certainly come a time when cryptocurrencies will play a very important role in trade and finance, and occupy a very important segment in the field of international settlements.”
Lavrov did not specify whether he was referring to cryptocurrencies like bitcoin (BTC), big business-backed stablecoins, or central bank digital currencies (CBDCs). Government officials have sometimes referred to CBDCs as “cryptocurrency.”
Speaking at a meeting of think tanks in Moscow, Foreign Minister Lavrov stated that Moscow is not seeking to completely eliminate the use of dollars in commercial transactions, but has spoken several times about a non-dollar policy. seems to have been put into practice.
He say:
“We really want to participate in the de-dollarization of the Russian economy and financial system. The day before, we decided that our gold and foreign exchange reserves would no longer be stored in dollars. Corresponding actions have been taken. But I want to emphasize, again, that this does not mean that we are ruling out the use of the dollar in general.”
The Foreign Minister added that Russia is currently looking to use national currencies other than the USD in bilateral agreements with other countries, concluding:
“We are trying to rely more and more on currencies other than USD. About national currencies when it comes to bilateral trade with our partners – with China, other member states of the Shanghai Cooperation Organization and several other countries,” he said.
Foreign Minister Lavrov and senior government finance executives talked about the de-dollarization plan between Moscow and Beijing before this year – while the CEO of arms manufacturer Kalashnikov and a leader Influential businesses this week all called on the government to embrace crypto commerce and settlements.
Cryptocurrencies in Russia
To understand Russia’s relationship with blockchain and cryptocurrencies, it is important to place modern Russia in the historical context of the Soviet Union. Although it has been more than 25 years since the fall of the Soviet Union, communism, authoritarianism, and highly centralized institutions can still be felt across the country. As a consequence, Russia is a leading candidate for decentralization efforts. The highly centralized nature of Russian society and bureaucracy is an important part of attracting Russian developers to blockchain.
Of course, Russia would not have such strong cryptographic, technical and computer human resources without that same centralized Communist system. The Soviet Union sought to demonstrate its strength to the world through technological advances, and it prioritized technical education for its citizens. As a result, Russia now has pipelines in place to train highly skilled developers to excel in the blockchain environment.
According to investor Elena Masolova, as of 2017, all 20% of the top 50 blockchain projects (ranked by amount raised) were founded by Russians alone. Of all the ICOs last year, more CEOs of blockchain projects were from Moscow than any other city, easily beating Silicon Valley. Petersburg is also sixth in the ranking.
Blockchain and cryptocurrency are a huge opportunity for Russian entrepreneurs, especially from a country where access to startups and venture capital is limited. The Russian economy is struggling, but Russian blockchain projects can raise money from around the world. In addition, they have the technical talent available in the country to be able to design and build the blockchain projects they promise.
One thing is clear that whatever Russia decides will hit the crypto community heavily. The blockchain ecosystem has relied heavily on Russian development talent. Additionally, there is reason to believe crypto adoption will be strong in Russia amid a weak economy and increased global sanctions following Putin’s support of the Syrian regime. Indeed, Russia is one of the most interesting cases of the intersection of blockchain and cryptocurrency with geopolitics and global affairs.
Join Facebook Groups and Telegram group of the Coinlive to chat and exchange information about the Crypto Currency market with more than 10,000 other people.
Important Note: All content on the website is for informational purposes only and is not investment advice at all. Your money, the decision is yours.
[ad_2]
