Russia, Venezuela Discussing Use of Digital Payments in Trade

SIRIUS, Russia (Sputnik) - Russia and Venezuela are discussing the use of digital payment tools in trade to secure transactions against the meddling of Europe and the United States, Russian Deputy Prime Minister and Minister of Trade Denis Manturov said on Monday.

"[Russian payment system] Mir is one of the alternatives, enabling both our and the Venezuelan people to make daily payments with the use of these cards. In addition to the population, payments should be made possible between businesses, commercial entities," Manturov told the Knowledge. First education forum on the sidelines of the Russian-hosted World Youth Festival, when asked about the ways in which Russia is cooperating with Venezuela.

He recalled that at a recent BRICS summit Russia's finance minister was discussing with his counterparts the prospects of using digital payment tools in trade to decrease the dependence of their economies on the US dollar and euro.

"This could encourage other countries to use their currencies and ensure maximum security of transactions against attempts to hinder this cooperation by the US and Europe," the Russian official said.

The World Youth Festival is taking place in Russia's Sirius Federal Territory on the Black Sea coast from March 1-7. Sputnik is an official international media partner of the event.