Bloomberg: Russian companies have begun using cryptocurrencies to trade commodities

ChainCatcher news, according to Bloomberg, at least two of Russia’s top metal producers have begun using Tether’s stablecoin and some other cryptocurrencies to settle some of their cross-border transactions with suppliers. Executives at the company said they declined to be identified because the information is not public. In some cases, settlement is completed via Hong Kong.

Ivan Kozlov, a digital currency expert and co-founder of Resolv Labs, said that cross-border settlement through cryptocurrencies, especially stablecoins pegged to the U.S. dollar, is a relatively common practice in countries facing U.S. dollar liquidity issues and capital controls, and And not just in commodities.

The growing use of cryptocurrencies in settlements also signals a shift in the Russian central bank’s attitude towards the industry. Russia’s central bank had previously considered a blanket ban on the use and creation of all cryptocurrencies, but in November, its governor, Elvira Nabiullina, told parliament that she supported trials of such payments in international transactions.