Russia Mulls Cryptocurrency Use in Arms Sales

The Russian Engineering Union (‘SoyuzMash’) has requested that the Central Bank of Russia consider exploring blockchain technology as a potential means of exchange for arms deals with foreign customers.

Vladimir Gutenev, the vice-president of SoyuzMash, has indicated that he made the recommendation directly to Elvira Nabiullina, the head of the Central Bank of Russia, alongside “a whole range of measures” also endorsed by the union.

Russian Engineering Union Proposes Stablecoins “Backed by Material Valuables”

Specifically, Mr. Gutenev recommended the consideration of stablecoins to conduct Russian arms sales, emphasizing the advantages such offered in facilitating the bypassing of economic sanctions. He stated:

"The so-called ‘stablecoins’ are cryptocurrency backed by material valuables, especially gold. That is to say, anonymous payments are one of the possible ways to resolve the existing problems."

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