Russian PM Inspired by Iran’s Allowing Cryptocurrency Payments for Imports

Russiacould soon follow Iran’s lead and use cryptocurrencies for imports, the Russian prime minister said.

The adoption of digital assets is necessary as a “secure alternative” for cross-border payments, Russian Prime Minister Mikhail Mishustin said Tuesday at a strategic session on the development of the national financial system.

The prime minister added that digital assets offer a good opportunity to ensure seamless payments for imports and exports. Mishustin also noted the importance of ensuring the independence of the technological infrastructure and cybersecurity of financial institutions, stating:

"We have to intensively develop the innovative areas, including the adoption of digital assets. This is a safe alternative for all parties that can ensure seamless payment for the supply of goods from abroad and for export."

Mishustin’s remarks came shortly after Iran’s Ministry of Industry, Mines and Commerce approved the use of cryptocurrencies for imports. Local media outlets reported on Monday that the authority shifted to crypto payments due to ongoing international trade sanctions against Iran.

Russian authorities have previously considered the use of cryptocurrencies for international payments. In May, Ivan Chebeskov, head of the Financial Policy Division at the Russian Ministry of Finance, said the authority was considering bringing crypto payments on board. “The idea of ​​using digital currencies in transactions for international settlements is being actively discussed,” he said at the time.

The idea of ​​international cryptocurrency payments even received support from Russia’s biggest cryptocurrency government skeptic, the Bank of Russia.. In June, Bank of Russia Governor Elvira Nabiullina stated that cryptocurrencies can be used for cross-border or international payments, but only if they do not enter Russia’s domestic financial system.