Russian Foreign Minister Says Crypto Could Play an Important Role in Settlements

Russian Foreign Minister Sergei Lavrov spoke at the Primakov Reading Forum about the future importance of cryptocurrencies as an international settlement layer. Lavrov described these assets as an "important role" going forward. Russia is trying to de-dollarize some of its operations, and this statement could provide a glimpse into its future plans. Russian Foreign Minister Says Crypto Can Play an Important Role in Settlements Russian Foreign Minister Sergei Lavrov touched on the future importance of cryptocurrencies as part of the international settlement layer. Lavrov referred to it while attending the Primakov Reading Forum, an important diplomats meeting last week. The Russian foreign minister was optimistic about using cryptocurrencies to settle debts between countries. “I think the time will inevitably come when cryptocurrencies will play a very important role, occupying a very important segment in international settlements,” Lavrov said. Russia is changing its approach to international settlements and payments. In this context, Lavrov emphasized that they are considering using national currencies in bilateral trade. The Russian Foreign Minister noted: We are trying to rely more on other currencies. When it comes to national currencies when it comes to bilateral trade with our partners – with China, other SCO members, some other countries…” Russia has forced some of its investment infrastructure to drop dollars as a way to hedge against possible increased sanctions. Earlier this month, Finance Minister Anton Siluanov announced that the National Wealth Fund will devolve the dollar to other currencies. The fund, currently worth more than $600 billion, will instead support investments in the yuan and euro. Many see these actions as a strong political statement showing that Russia can survive without needing dollars to trade. According to some experts, Russians are also profiling

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