Russia should also explore opportunities to use Bitcoin and others, as President Trump has already stockpiled cryptocurrencies. Officials also view asset support stubcoins as a potential revival of the gold standard.
Alexander Shohin, chairman of the Russian Federation of Industrialists and Entrepreneurs (RSPP), is convinced that the government does not want to challenge its sovereignty as a money issuer, but he recognizes the general consensus in Russia, but recognizes that cryptography can be adopted with international payments.
Business Lobby Group urges the Russian government to consider using cryptocurrency
Moscow authorities need to analyse the outlook for using cryptocurrency in light of President Donald Trump’s decision to establish strategic preparations for Bitcoin and other digital coins in the United States. The head of the RSPP expressed this opinion in an interview released on Sunday.
The organization that Shokhin is primarily on the side is one of the oldest lobby groups in the country, promoting the interests of businesses in the Russian Federation. It was founded in 1991 when the Soviet Union successfully joined the Scientific and Industrial Union.
Speaking to TASS News Agency, he described cryptocurrency as a “infringement of the government’s rights of sovereignty” and added that central banks do not want to face competition with other money issuers without the ability to control issuance.
“But it appears that it has long been agreed that codes can be used in cross-border settlements,” Shawhin said at the same time. He noted that cryptocurrencies have found its position among payment instruments in the context of financial restrictions imposed on Russian business entities.
“Well, after Trump said that the US is now the crypto capital of the world, and at least in Ethereum and Bitcoin, we’ve got to see it somehow,” the lobbyist elaborated.
Shokhin supports the idea of launching a settlement system with Stablecoins and Gold
Alexander Shokhin emphasized that Russia should approach the issue with caution and should take advantage of the benefits of using digital financial assets, such as implementing international settlements, while avoiding the establishment of other money issuing centres.
The RSPP executive further emphasized that this possibility is addressed in proposals to create a new payment and settlement system to replace the US dollar-based system and use Stablecoins tied to different assets.
He suggested that Russia could think of creating a payment and settlement system similar to the special drawing rights of the International Monetary Fund, but could consider introducing additional assets and reserves in the form of gold.
“In a way, we’re going back to the gold standard and going back to items that have been exchanged for stable prices for over a decade. That’s what we’re doing,” the official revealed in an interview.
Some Russian officials still want crypto sanctuaries
President Trump’s initiative to establish a cryptocurrency reserve with Bitcoin and other coins seized by US authorities has received little enthusiasm from European policymakers, including the Russian Federation.
Russian Central Bank Governor Elvira Naviurina has revealed that he has not seen a situation in which cryptocurrency can enter the financial authorities’ reserves. The Ministry of Finance “I have never heard of the creation of a strategic reserve for cryptocurrency in Russia,” Deputy Finance Minister Vladimir Kolychev was quoted as having been stated recently.
Nevertheless, the idea had supporters in Russia. In December, Russian MP Anton Tukachev urged the Treasury to assess the possibility of establishing a strategic Bitcoin Reserve. And last week, Evgeny Masharov, a member of the Russian Civic Office, proposed establishing a government crypto fund to confiscate digital assets in criminal cases.
