Russia and Cuba consider using cryptocurrencies for settlements amid sanctions.
Both facing sanctions, Russia and Cuba are looking into alternative options for cross-border payments, including cryptocurrencies, a Kremlin advisor has unveiled in Havana. Moscow is already developing a mechanism for crypto settlements to circumvent financial restrictions imposed over its invasion of Ukraine.
“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 told the Tass news agency. He further elaborated that several options are currently being discussed, including settlements in rubles. But the Kremlin official also noted that business is often quicker to adapt and find its own ways to make payments, including through cryptocurrencies and private clearing schemes.
Feria Internacional de la Habana is held Nov. 14 – 18 in the Expocuba exhibition complex on the outskirts of the city and was organized in 1983. The event is attended by representatives of companies from over 60 countries, including Brazil, Venezuela, Spain, Italy, Canada, China, Mexico, Russia, and France.
Russian authorities have been mulling over a more comprehensive regulatory framework for crypto assets for months. Lawmakers in the State Duma are expected to review a new
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