Russia To Transact In Crypto To Avoid Sanctions In Africa? Russian Official Suggests So

Russia’s Chamber of Commerce and Industry President Sergei Katyrin suggested the country should integrate cryptocurrencies such as Bitcoin BTC/USD into its financial system.

What Happened: Katyrin said in a letter to the local prime minister Mikhail Mishustin that central bank digital currencies (CBDCs) and cryptocurrencies should be used as part of the country's involvement with Africa, Russian state-backed publication TASS reported on Thursday.

The Russian official said that "it seems useful to instruct the Ministry of Finance of the Russian Federation, together with the Central Bank, to ensure providing intergovernmental agreements with African states on the use of national currencies and cryptocurrencies in mutual settlements and payments.”

The executive added that it is important to establish an import-export bank and trust fund to support export activities in small and medium-sized businesses located in Africa.

Tass added, "Katyrin pointed out in his letter, in the context of the negative transformation of trade and economic relations on the part of the 'collective West,' the development of cooperation in friendly areas is of paramount importance. 'In this regard, the promotion of national economic interests in Africa is of particular importance for the future development of Russia,'" Katyrin stressed.

Benzinga reported earlier today a recent report released by blockchain analysis firm Chainalysis suggests the free float of cryptocurrencies is too low to allow for the large-scale wealth transfer that would be necessary for Russian oligarchs to use them as a tool to evade sanctions.