Russia considers using bitcoin cryptocurrency for international contracts

El Salvador, the first country in the world to accept bitcoin as a means of payment, may settle accounts with the terrorist state of Russia in hard currency. This was announced in an interview with the propaganda media by the First Secretary of the Russian Embassy in Nicaragua, Head of the Mission in El Salvador, Alexander Ilyukhin.

The official currency of El Salvador is the U.S. dollar, and according to Ilyukhin, the country is having difficulties with payments. To eliminate them, El Salvador offers Russia to switch to cryptocurrency.

As it became known, El Salvador and Russia are actively developing trade relations. During the St. Petersburg International Economic Forum (SPIEF), El Salvador’s Vice President Felix Hoya confirmed his readiness to expand trade ties with terrorists, especially with companies «focused on innovation.»

However, at this stage, trade between the countries is practically non-existent. In the fourth quarter of 2023, Russia exported about $ 1 million worth of goods to El Salvador, while imports did not exceed $ 20,000. The main supplies from El Salvador to Russia include coffee and its substitutes, while Russia supplies fertilizers and machinery to El Salvador.

Earlier, we told you that Russia is considering using stablecoins for international payments. Alexey Guznov, Deputy Chairman of the Central Bank of Russia, said that proposals to legalize stablecoins have been discussed since 2023. According to him, «to protect the country’s interests, regulation will probably need to be tightened.»

As a reminder, in May it became known that Russia and Iran are exploring the possibility of using central bank digital currencies (CBDCs) and other digital financial assets. According to Rahimi Mohsen, Trade Attaché of the Iranian Embassy in Russia, new solutions for settlements between the countries will help «mitigate the effects of sanctions and facilitate trade between Moscow and Tehran.»