Russian Foreign Minister States Crypto Might Play a Significant Role in Settlements – Bitcoin News

Bitcoin.com

The Russian Foreign Minister Sergei Lavrov talked about the future importance of cryptocurrencies as an international settlements layer at the Primakov Readings Forum. Lavrov referred to these assets as having a “significant role” in the future. Russia has been striving to de-dollarize some of its activities, and this statement might offer a glimpse into future plans.

Russian Foreign Minister Says Crypto Could Play Significant Role in Settlements

Russian Foreign Minister Sergei Lavrov referred to the future importance of cryptocurrencies as a part of the international settlements layer. Lavrov made the reference while attending the Primakov Readings Forum last week, an important diplomat meeting. The Russian Foreign Minister was optimistic about the use of cryptocurrencies to settle debts among countries. Lavrov stated:

How To Get Free Crypto  

I think the time will inevitably come when cryptocurrencies will play a very significant role, occupy a very significant segment in international settlements.

Russia is changing the way it is approaching international settlement and payments. On this subject, Lavrov stressed they are looking into using national currencies when engaging in bilateral commerce. The Russian foreign minister noted:

We strive to rely more and more on other currencies. On national currencies when it comes to bilateral trade with our partners – with China, other SCO members, a number of other countries…”

Russia has been pushing to de-dollarize part of its investment infrastructure as a way of protecting from possible increased sanctions. Earlier this month, Finance Minister Anton Siluanov reported the national Wealth Fund would ditch the dollar for other currencies. The fund, currently worth more than $600 billion, would be supporting yuan and euro-based investments instead.

These actions are thought by many to be a strong political statement showing Russia can survive without needing the dollar to do commerce. According to some experts, the Russians are also profiling cryptocurrencies as an important part of this strategy.

The Digital Ruble

The issuance of a digital ruble might also play a pivotal part in this de-dollarization push, in the future. Lavrov declared that the development of a central bank digital currency was already underway in Russia. In fact, the bank of Russia has revealed they will build a prototype for the end of the year. The currency will be designed to work in the same way that the digital yuan operates, with the government in control of the protocol. However, commercial banks will also have the opportunity of offering intermediation services.

Coinbase Banner  

Cryptocurrencies are getting hotter in the remittances sector, too. El Salvador declared Bitcoin as legal tender last week — something that could ease the entrance of millions of its citizens into the crypto world. Bitcoin remittances in the country soared after the historical legislation passed, but they are still just a fraction of their dollar-based counterparts.

What do you think about the role that cryptocurrencies will play in international settlements? Tell us in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Go to Source
Author: Sergio Goschenko


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.