Both face sanctions, with Russia and Cuba is exploring alternative options for cross-border payments, including cryptocurrencies, a Kremlin adviser revealed in Havana. Moscow has already developed a mechanism for cryptocurrency payments to circumvent the financial restrictions imposed on its invasion of Ukraine.
Consider virtual currencies and rubles for payments in transactions between Russia and Cuba
Sanctions imposed on countries considering the use of the Russian ruble and cryptocurrencies to facilitate The news comes from a statement by Boris Titov, Commissioner for Entrepreneurship Rights under the President of Russia, who visited Havana. Russian business his ombudsman arrived in the Cuban capital during the 38th Havana International Exposition.
“All of us, Cuba and Russia are under sanctions and dollar turnover is the primary financial mechanism that exists in the world for mutual settlements, but today there is no mechanism for change. It is being developed at the national government level.Titov told TASS.
He further elaborated that several options are currently being discussed, including a settlement in the ruble. But Kremlin officials also noted that businesses are quicker to adapt and find their own payment methods, such as through cryptocurrencies and private clearing schemes.
Feria Internacional de la Habana (FIHAV 2022) was held from 14 to 18 November at the Expocuba exhibition complex on the outskirts of the city and was held in 1983. Brazil, Venezuela, Spain, Italy, Canada, Company representatives from more than 60 countries, including China, Mexico, Russia and France.
After months of deliberation on the framework, members of the House of Representatives have proposed a new bill “on digital currencies” and a “mining industry of the Russian Federation” adjusted to fill the gaps left after January’s law “on digital financial assets” came into force. It is expected to consider a bill concerning 2021.
In January of this year, the Russian Central Bank proposed a blanket ban on most cryptocurrency-related activities, but in late February Russia launched a “special military operation” in Ukraine. Sanctions pressure has increased since the launch of Persuaded financial authorities to back proposals to legalize the use of decentralized digital currencies in international payments.
In September, Russian financial authorities began designing a mechanism that would make it easier to use cryptocurrencies for payments with other countries. Earlier that month, Deputy Finance Minister Alexei Moiseyev revealed that his department and the Bank of Russia agreed that Russia “cannot do without cross-border cryptocurrency payments.”
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