Russia Weighs Cryptocurrency Use in Grain Trade

The Russian Agricultural Bank, in collaboration with the Bank of Russia, is evaluating the potential use of cryptocurrencies for transactions in the grain trade.

"We believe cryptocurrencies can be a convenient alternative instrument and at the moment, we together with the Bank of Russia and all the stakeholders are considering the opportunity of using cryptocurrency tools for payments in grain trading," First Deputy CEO of the bank Irina Zhachkina said, The Caspian Post reports, citing TASS.

Participants in the business breakfast also noted importance of cooperation when supplying agricultural products overseas, especially for niche crops with volumes smaller than for wheat, for the purpose of reducing logistical costs.

"Furthermore, the decline of marginality for wheat was noted and greater attention to niche crops with growing marginality, peas, chickpeas, and others," the bank said.