Russian Prime Minister Urged to Create a Crypto Framework for International Trade
ETE Group, a Russian logistics company, has appealed to Prime Minister Mikhail Mishustin to allow Russian businesses to use cryptocurrency for international trade.
The firm has requested changes to Russia’s Civil and Tax Codes, as well as other laws governing currency control, to establish a legal framework for crypto payments.
With nearly 500 clients, ETE specializes in cargo shipments to countries like China, India, and Turkey. It believes that creating a clear legal status for crypto could help streamline cross-border transactions and solve delays caused by sanctions. ETE also called for government action on crypto issuance, circulation, and regulation, including oversight of crypto exchanges.
The company’s request comes amid growing interest in crypto payments in Russia, which increased by 40% in 2024. However, the lack of regulation has raised concerns about the risks of using crypto for payments. Many Russian firms have turned to cryptocurrencies to bypass sanctions, which have increasingly isolated them from global financial systems like SWIFT.
With sanctions continuing to delay payments, particularly with China and Kazakhstan, ETE sees crypto as a potential solution to speed up transactions. Despite Russia’s legal framework treating the ruble as the official currency, evidence suggests that Russia and China are already using Bitcoin for energy trade settlements.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a "detective-like" mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
