El Salvador has proposed settling international trade with Russia using cryptocurrency, according to Alexander Ilyukhin, the First Secretary of the Russian Embassy in Nicaragua.
El Salvador’s Proposal for Crypto Trade Settlements with Russia
El Salvador has proposed settling international trade with Russia using cryptocurrency, according to Alexander Ilyukhin, the First Secretary of the Russian Embassy in Nicaragua. This initiative by El Salvador, a country with a dollarized economy, aims to mitigate the challenges posed by traditional financial systems.
The proposal comes amidst the ongoing conflict between Russia and Ukraine, with Ukrainian President Volodymyr Zelensky urging El Salvador to support Kyiv against Russian forces. Despite this, El Salvador maintains a neutral stance and is keen on establishing trade relations with Russia.
“We face challenges with financial transactions because the US dollar is our official currency. As an alternative, El Salvador suggests utilizing cryptocurrency for trade operations,” Ilyukhin stated.
Argentina Registers First Bitcoin-Funded Company
Argentina is advancing its legal framework to embrace new technologies and cryptocurrencies. Last week, the Argentine Justice Ministry announced the registration of the country’s first company funded with cryptocurrency, a historic milestone enabled by recent regulations allowing companies to receive and operate with digital assets.
The newly registered company was founded with a capital of nearly $500, converted into 0.00457621 BTC, valued at $302.5 on the day of registration, and $194.99 in USDC.
According to Criptonoticias, the registration process differed from traditional methods. The cryptocurrency used had to be transferred to custodial wallets in nationally registered exchanges like Lemon and Ripio, where it was held securely.
