Russia’s Chamber of Commerce Officials Urges Africa to Use Bitcoin For Payments

Key Takeaways:

  • Russia to request Africa to accept crypto payments. 
  • The former country is looking forward to building an alliance with the latter. 

After El Salvador started accepting crypto payments many countries followed the same path. Now it seems that Africa is next on the line. 

Sources of the local news agency of Russia, TASS, published the letter that Sergei Katyrin, the head of the Chamber of Commerce and Industry (CCI) wrote to Mikhail Mishustin, the Prime Minister to discuss strategies to build relations with African countries. Among other proposals, it is also mentioned the acceptance of cryptocurrencies along with national currencies for settlements and payment. 

The letter reads, “It seems appropriate to instruct the Ministry of Finance of the Russian Federation, together with the Central Bank, to ensure the conclusion of intergovernmental agreements with African states (as agreed) on the use of national currencies and cryptocurrencies in mutual settlements and payments. To work out the issue of establishing a specialized export-import bank, as well as a trust fund to support export activities of small and medium-sized businesses in African countries,”

The volatile market of cryptocurrencies has made all nations worry about their economic stability. Therefore, governments are hesitant to accept cryptocurrencies as payment. In the letter, it is also mentioned that the Ministry of Finance, Ministry of Industry and Trade, and the Ministry of Economic Development are invited to collaborate to “work out the issue of creating a mechanism for accounting for concessions for natural resources in investment projects and export operations” and also on countertrade systems, external and internal payments that will include cryptocurrencies as well. 

In this letter, Katyrin also said that it is important for Russia’s development to promote national economic interests in Africa. Russia is looking forward to building friendly relations with Africa and other booming markets of cryptocurrencies will help it achieve the goal.  

Shreya Bhattacharya
Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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