Rostec Eyes Russky Island for Trials of Digital Currency Payments
The largest Russian industrial and technology conglomerate, Rostec, us preparing to launch a project dedicated to integrating cryptocurrencies into cross-border transactions. The main task will be to limit the negative effects of sanctions on the activities of Russian importers and exporters that are experiencing mounting pressure.
The Russian economy, especially foreign trade operations, was hit hard by financial restrictions imposed by the West over Moscow’s military intervention in Ukraine. Proposals to legalize the use of digital financial assets in deals with partners, including cryptocurrencies, stablecoins and the upcoming digital ruble, have been gaining support among officials.