Digital financial assets (DFA) are an excellent solution for settlements today: they allow to bypass banks that do not want to work with Russia. This was stated by Finance Minister Anton Siluanov.
The official explained that cryptocurrency is an element of mining, and DFA is the issue of financial assets secured by some currency or asset.
“I think [DFA] will develop more for settlements,” Anton Siluanov said. “This allows to bypass credit organizations that do not want to work with us.”
The main question is to make DFA really accessible to non-residents, then the second side of foreign economic settlements will be able to enjoy their advantages regularly, Artem Genkin, Doctor of Economy, author of books on the history of money and co-author of books on the blockchain says.
“As of today, the issue of DFA by a non-resident of the Russian Federation is not prohibited by our legislation. However, there are no precedents for integrating the DFA turnover into the national legal norms of other countries, including those with whom the Russian Federation conducts active trade. The emergence of such integration will mean “international recognition” of the DFA as a convenient means of foreign trade settlements,” Artem Genkin says.