Russian Agricultural Bank, CBR exploring using cryptocurrency for payments in grain trade
MOSCOW. June 2 (Interfax) – Russian Agricultural Bank (RusAg) is considering using cryptocurrencies for settlements in grain trading, the lender said in a press release.
“We believe that cryptocurrencies could be a convenient alternative instrument and we are now exploring the possibility of using cryptocurrency instrument for settlements in grain trading with the Bank of Russia and all interested parties,” RusAg first deputy CEO Irina Zhachkina said in the release.
The Central Bank announced on May 28 that financial institutions can offer qualified investors derivative financial instruments, securities and digital financial assets with returns pegged to the value of cryptocurrencies. The key condition is that such instruments must not involve the actual delivery of cryptocurrencies.