Russia and Cuba Considering Use of Cryptocurrencies For Settlements Amidst Sanctions

In light of the restrictions placed on both countries, the governments of Cuba and Russia are looking forward to using Russian rubles and cryptocurrencies to promote bilateral collaboration. The information was released during a visit to Havana by Boris Titov, the Russian president’s commissioner for entrepreneur rights. During the 38th iteration of the Havana International Fair, the business ombudsman of Russia came to the Cuban capital.

“All of us, Cuba and Russia, are under sanctions, the dollar turnover is the main financial mechanism that exists in the world for mutual settlements, but today mechanisms are being developed at the level of national governments to change the situation,” Titov said.

He continued by saying that settlements in rubles were one of the solutions being examined right now. The Kremlin representative said that the business is often quicker to adapt and come up with its own payment methods, such as using cryptocurrency and private clearing processes. “Feria Internacional de la Habana (FIHAV 2022),” founded in 1983, is accommodated from November 14 – 18 at the Expocuba exhibition spot on the city’s outskirts. Representatives of businesses from nearly 60 nations, including Brazil, China, Spain, Italy, Venezuela, Russia, Canada, Mexico, and France, are present at the exhibition.

For months, officials from Russia have been considering a more thorough regulating scheme for digital assets. In order to secure any loopholes left after the implementation of the legislation “On Digital Financial Assets” in January 2021, policymakers in the State Duma are anticipated to study a new bill, “On Digital Currency,” and a draft law, “On Mining in the Russian Federation.” Russian Central Bank initially proposed a blanket ban on most crypto-related activities in January of this year. Still, escalating sanctions pressure since the beginning of Russia’s “special military operation” in Ukraine in February convinced the monetary authority to back suggestions for legalizing the use of decentralized digital currencies in cross-border transactions.

Russian banking officials began developing a system to make it easier to use cryptocurrency for international payments in September. Alexey Moiseev, the deputy minister of finance, disclosed earlier in the month that his office and the Bank of Russia had concluded that Russia could not manage without cross-border crypto payments.

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