Russian Business Leaders Urge Crypto Exploration

With the United States under President Trump stockpiling cryptocurrencies, Russia should explore Bitcoin and similar assets, suggests Alexander Shokhin, head of a major business lobby group.

Shokhin, president of the Russian Union of Industrialists and Entrepreneurs (RSPP), believes that while governments may resist challenges to their sovereign rights in money issuance, there’s a consensus in Russia about using crypto for cross-border payments.

Urging Analysis of Crypto Prospects

Moscow authorities are encouraged to consider cryptocurrencies following Trump’s decision to establish a Bitcoin reserve. Shokhin emphasized the importance of analyzing potential benefits and market dynamics.

The RSPP, founded in 1991, promotes business interests in Russia. Shokhin acknowledged that central banks may fear competition from alternative money issuers but also recognized the utility of cryptocurrencies in navigating financial restrictions on Russian businesses.

Launching a Stablecoin and Gold-Based Settlement System

Calling for caution, Shokhin proposed leveraging digital assets for international settlements while avoiding the emergence of competing money issuers. He supported establishing a new payment system with stablecoins tied to diverse assets, including gold, returning to a gold standard approach.

Recognizing that Russia could develop a system similar to the IMF’s special drawing rights, he highlighted the stability of assets over time as an attractive option.

Divergence in Official Opinions on Crypto Reserves

Despite Trump’s initiative for a cryptocurrency reserve, Russian officials have shown skepticism. Central Bank Governor Elvira Nabiullina dismissed any conditions for cryptocurrencies in reserves, while Deputy Finance Minister Vladimir Kolychev noted the Ministry hadn’t considered a strategic crypto reserve.

However, some Russian figures advocate for a strategic Bitcoin reserve, including lawmaker Anton Tkachev and Civic Chamber member Evgeny Masharov, who proposed a government crypto fund for confiscated digital assets.