The official’s request reopens the debate over whether cryptocurrencies will be able to serve the Russian government to circumvent financial sanctions imposed by other nations and international bodies.
The president of the Russian Chamber of Commerce and Industry Sergei Katyrin, proposed to the country’s government authorities to trade with other nations through cryptocurrencies and digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies issued by central banks. (CBDC).
CBDC and cryptocurrencies for payments to African nations
Katyrin’s request came in a letter to Russian Prime Minister Mikhail Mishustin, in which he sent the official some proposals to foster greater cooperation with nations on the African continent. There he advocated the use of CBDC y criptomonedas para honrar acuerdos de tipo comercial, esto como parte de los esfuerzos realizados por la nación soviética para establecer líneas de negocio pese a las sanciones impuestas por ciertas naciones y organismos internacionales.
En el documento en cuestión se lee lo siguiente:
“Parece útil instruir al Ministerio de Finanzas de la Federación Rusa, junto con el Banco Central, para garantizar la provisión de acuerdos intergubernamentales con los estados africanos sobre el uso de monedas nacionales y criptomonedas en liquidaciones y pagos mutuos”.
As such, this request comes after it became known that several African countries are considering the possibility of cooperating with Russia through the use of technology. Blockchain. In particular, nations such as Cameroon and the Republic of Congo are thinking of implementing solutions based onTON, the blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. network a network refers to all nodes in the operation of a blockchain at any given moment in time. created by Telegram, on which they would be considering launching their own CBDC.
For their part, countries such as Kenya and South Africa reported earlier this year that progress has already been made in working with CBDC, while in 2021, the Republic of Ghana was working on its own cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. with offline functionality in mind.
Russia and international sanctions
As for Russia, Katyrin’s comments come in the midst of the difficult financial situation that the nation is going through, due to the sanctions imposed after having incurred in warlike actions against Ukraine, a neighboring country that had intentions of joining the European Union. OTAN.
After the start of the armed conflict, a large number of countries imposed financial sanctions to express their disagreement with the actions promoted by Russia, this even led to blockades of all kinds, including the expulsion of the nation from the human rights council of the United Nations. ONU.
While Russia and Ukraine are currently seeking some sort of agreement to curb warlike actions on the latter’s territory, the Soviet nation again raised its voice recently to warn Finland and Sweden to give up plans to join the OTAN, The U.S. is putting on the table that the conflict could escalate even further and involve nuclear actions if they consider joining the coalition of countries mentioned above.
On the usefulness of cryptocurrencies for Russia, critics and analysts have very different readings on the usefulness of these assets to help them circumvent economic sanctions. On the one hand they argue that the decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. and distributed nature of digital currencies would easily allow international payments, but on the other they claim great difficulties to keep their financial movements hidden given the transparency of the technology. Blockchain.
- Bank of Russia acknowledged inability to use cryptocurrencies to bypass international sanctions
- IMF warns Russia sanctions could boost cryptocurrency use, erode dollar supremacy
- Taiwan believes Russia-Ukraine war will help internationalization of China’s yuan currency currency is a medium of exchange that defines value.
Version by Angel Di Matteo / DiarioBitcoin
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