Mikhail remarked on Tuesday that there was a need to increase the country's independence and financial self-sufficiency in light of the increasing threat of sanctions. He was speaking to bankers and government officials at the St. Petersburg Economic Forum. The official also added that the government's primary objective was to progressively phase out the usage of currencies from nations with which it has a negative relationship while simultaneously increasing the proportion of international transactions that take place in rubles and cryptocurrencies.

ZyCrypto

"We need to devote significant resources to the development of novel domains, one of which is the introduction of digital assets. According to him, "this is a secure solution for all parties, which is able to guarantee continuous payment for the delivery of goods from overseas and exports." In order to guarantee the smooth operation of international transactions involving digital assets, he underlined the significance of bolstering the cybersecurity infrastructure of financial institutions and maintaining their technological autonomy.

The comments made by Mikhail come at a time when Russia is struggling to keep its economy buoyant in the face of unprecedented financial restrictions imposed by western powers as a result of the country's invasion of Ukraine. The Russian economy took a significant hit as a result of the sanctions that were extended to Russian-linked cryptocurrency exchanges in order to close off potential avenues for sanctions evasion. During the period of February to April, the ruble lost more than fifty percent of its value when compared to the US dollar.

The government of Russia was compelled to develop strategies to maintain the health of its economy, one of which was to begin accepting Bitcoin as payment for exports. Since May, when it was first reported, the Russian government has been mulling over the possibility of utilizing cryptocurrency to settle international transactions. Elvira Nabiullina, the governor of the central bank, provided her support for the decision as well. In June, Elvira declared that cryptocurrencies can be used in foreign payments so long as they do not penetrate the financial system. This is despite the fact that Elvira has a history of being skeptical of cryptocurrencies.