The Russian Union of Industrialists and Entrepreneurs (RSPP) is considering establishing a national Bitcoin fund to enhance the use of digital financial assets (DFAs) in foreign trade. This initiative aims to circumvent Western sanctions and promote crypto-backed transactions.
According to Andrey Lisitsyn, the fund would leverage locally mined Bitcoins and issue DFAs backed by this reserve. This approach could legally facilitate cross-border transactions using IOUs instead of direct crypto trades. Despite the Bank of Russia’s efforts, DFAs have struggled with liquidity, amassing a market volume of 96 billion rubles ($1.1 billion) over two years.
Lisitsyn noted that avoiding speculative demand is crucial since crypto is banned as legal tender in Russia. The plan involves creating multiple global accounts and a network of “payment agents” to mitigate risks of account blocking. This move underscores Russia’s strategic shift towards integrating digital assets in global trade amid increasing sanctions.
