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Albania's local hemp industry association is surveying farmers to assess growth opportunities, following the country's legalisation of cannabis for medicinal and industrial use in July, the association announced on its X page on October Industrial hemp, derived from specific cannabis sativa cultivars, has diverse applications in textile, cosmetics, food and medicine. The survey will identify support needs for cultivation zones, wholesale plans and legal understanding. In July, the Albanian parliament passed a law regulating cannabis cultivation, production and distribution for medical and industrial purposes. The legislation framework allows experienced foreign companies with prior industry experience from outside Albania to engage in cannabis cultivation. Neighbouring North Macedonia has already pursued a similar strategy with some success. Among the companies active in North Macedonia are Canada-based wholesale cannabinoid company Instadose Pharma, which sees the proximity to the EU market as one of the benefits of operating there, a company executive told bne IntelliNews in Skopje legalised the use of medical cannabis in The government intends for the cannabis industry to be tightly controlled, but the legalisation plans were hotly contested by opposition politicians. However, reports since then indicate that drug cultivation has been rising. The country also lies on the Balkan route for transportation of heroin to Europe. Last month, more than people were arrested in Albania in a massive anti-drugs operation spanning large parts of the country. Tirana uses the satellites to detect crimes such as drug cultivation, illegal construction and logging. Register here to continue reading this article and 8 more for free or purchase 12 months full website access. Register to read the bne monthly magazine for free:. Already registered. Take a trial of IntelliNews PRO, a premium daily news service aimed at professional investors that covers business, economics, finance and politics of Emerging Europe. Privacy Policy and Terms of Service apply. Have a question? Email sales intellinews. A confirmation email has been sent to the email address you provided. Forgotten password? Email field can't be empty. No user with this email address. Access recovery request has expired, or you are using the wrong recovery token. Please, try again. Access recover request has expired. To continue viewing our content you need to complete the registration process. Please look for an email that was sent to with the subject line 'Confirmation bne IntelliNews access'. This email will have instructions on how to complete registration process. Please check in your 'Junk' folder in case this communication was misdirected in your email system. If you have any questions please contact us at sales intellinews. Sorry, but you have used all your free articles fro this month for bne IntelliNews. For the meantime we are also offering a free subscription to bne's digital weekly newspaper to subscribers to the online package. Click here for more subscription options, including to the print version of our flagship monthly magazine:. More subscription options. Take a trial to our premium daily news service aimed at professional investors that covers the 30 countries of emerging Europe:. For any other enquiries about our products or corporate discounts please contact us at sales intellinews. If you no longer wish to receive our emails, unsubscribe here. Magazine annual electronic subscription. By bne IntelliNews October 11, Read in IntelliNews Pro. Get IntelliNews Pro. Related Content. Albania's former president Ilir Meta arrested in corruption case. Central and Southeastern Europe defies German economic weakness. Mexico set for energy shake-up as Sheinbaum rewrites the rules. IranAir redirects flights to Istanbul to avoid EU sanctions. Follow Us On. Cookies on the bne IntelliNews website. This site uses cookies - small text files that are placed on your machine to help the site provide a better user experience. In general, cookies are used to retain user preferences, store information for things like shopping carts, and provide anonymised tracking data to third party applications like Google Analytics. As a rule, cookies will make your browsing experience better. However, you may prefer to disable cookies on this site and on others. The most effective way to do this is to disable cookies in your browser. We suggest consulting the Help section of your browser or taking a look at the About Cookies website which offers guidance for all modern browsers. We use cookies to ensure that we give you the best experience on our website. If you continue we'll assume that you are happy to receive all cookies from this website. Accept View Cookie Policy. 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Russia revs up to test cross-border crypto payments
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Russia is on the hunt to find an alternative to the dollar to settle international trade deals and on September 1 will test making cross-border payments in cryptocurrency for the first time. Initially wary of cryptocurrencies, the government has rushed through a raft of legislation to underpin electronic money. The Central Bank of Russia CBR has been running digital ruble pilot projects for a limited number of customers over the last two years, which should be fully launched in , and crypto mining and payments were legalised in August, among other measures. Clients have to resort to the services of a string of smaller intermediaries which has sent the cost of settlement soaring. In the meantime, yuan liquidity in the Russian system is running short. The Shanghai branch of VTB Bank is reportedly running low on yuan and has been actively courting Russian exporters to China to increase its supply of yuan. The amount of yuan liquidity in the Russian banking system is also low, according to the CBR. This marks a significant shift in mentality as the regulator has traditionally been wary about integrating cryptocurrency into the financial system. The groundwork for this experiment began in late , when Prime Minister Mikhail Mishustin tasked various government bodies, including the Ministry of Finance and the Central Bank, with developing a mechanism for using cryptocurrency in international settlements. According to CBR Governor Elvira Nabiullina, the first cryptocurrency payments are expected before the end of the year. The law introduces special experimental legal regimes in various sectors, including the financial market, allowing for exemptions from certain federal laws, which previously restricted the use of cryptocurrencies. Within this framework, the Central Bank will be authorised to create an electronic platform for digital currency operations, regulate organised trades of cryptocurrencies, and set rules for the use of digital currencies in foreign trade. Experts are cautiously optimistic. Experts told Vedomosti that using cryptocurrency for foreign trade is not only feasible but necessary in the current geopolitical climate. But they say that more work needs to be done to the legal framework and the integration of blockchain into the national payment system are key to scaling cryptocurrency settlements in foreign economic activities. The main hurdle to the scheme will be convincing foreign partners to accept cryptocurrency payments, as many will still fear falling foul of the US secondary sanctions. While this initiative may not immediately replace traditional banking networks, it represents a significant step toward developing an alternative payments system that could position Russia as a leader in the cryptocurrency-based cross-border payments market, particularly in countries facing similar political and economic pressures. In general, emerging markets in particular are keen to de-dollarise trade after the US shocked central bankers worldwide by weaponizing the dollar in its clash with Russia. One of the topics of the agenda for the upcoming BRICS summit to be held in Kazan in Russia this autumn is developing and adopting a BRICS blockchain-based payment system by creating a common currency to de-dollarize the global economic system by introducing a new currency. The new BRICS Pay system has been attracting not only BRICS countries but also other nations interested in an alternative to the dollar, and perhaps less regulated, payment system that is not controlled and tracked by the US and its allies. To survive Western sanctions and undermine the US dollar's dominance globally, the new payment system will be integrated with digital versions of the ruble, yuan, rupee and other currencies, but the earliest the new system will appear is , according to reports. In the meantime, countries like Russia and China and other friendly countries are increasingly switching to settling trade in their mutual national currencies. The ruble overtook the yuan to become the main currency used for settling international trade deals, the CBR reported on April 8. The ruble accounted for a record This achievement was supported by new historical highs in transactions for goods from Africa, at In terms of exports, the ruble increased its share by 5. Moreover, the rupee is only partially convertible and consequently subject to US sanctions. The partners have found a way around this problem as Russia has been covertly sourcing sensitive electronics from India to support its war in Ukraine, Financial Times reported on September 4. Moscow sought to tap into the substantial rupee reserves accumulated from Indian oil sales, targeting India as an alternative market for dual-use technology — goods with both civilian and military applications. The Kremlin considered India a source for components that Russia previously obtained from 'unfriendly countries. Documents referenced by the FT suggest Moscow explored setting up joint Russo-Indian production facilities. However, the competition for global dominance in cryptocurrency mining entered a new phase in August when Russia made significant strides to challenge the United States. On August 8, as part of the package of crypto legislation being developed, Putin signed a law aimed at boosting the country's crypto mining sector, designed to overtake the US as the rivalry heats up. That same month, leaders from 50 American mining companies issued an open letter to President Joe Biden and Democratic candidate Kamala Harris, calling for regulatory clarity in the industry. Register here to continue reading this article and 8 more for free or purchase 12 months full website access. Register to read the bne monthly magazine for free:. Already registered. Take a trial of IntelliNews PRO, a premium daily news service aimed at professional investors that covers business, economics, finance and politics of Emerging Europe. Privacy Policy and Terms of Service apply. Have a question? Email sales intellinews. A confirmation email has been sent to the email address you provided. Forgotten password? Email field can't be empty. No user with this email address. Access recovery request has expired, or you are using the wrong recovery token. Please, try again. Access recover request has expired. To continue viewing our content you need to complete the registration process. Please look for an email that was sent to with the subject line 'Confirmation bne IntelliNews access'. This email will have instructions on how to complete registration process. Please check in your 'Junk' folder in case this communication was misdirected in your email system. If you have any questions please contact us at sales intellinews. Sorry, but you have used all your free articles fro this month for bne IntelliNews. For the meantime we are also offering a free subscription to bne's digital weekly newspaper to subscribers to the online package. Click here for more subscription options, including to the print version of our flagship monthly magazine:. More subscription options. Take a trial to our premium daily news service aimed at professional investors that covers the 30 countries of emerging Europe:. For any other enquiries about our products or corporate discounts please contact us at sales intellinews. If you no longer wish to receive our emails, unsubscribe here. Magazine annual electronic subscription. Russia is on the hunt to find an alternative to the dollar to settle international trade deals. This month it will conduct an experiment using cryptocurrencies instead of cash to settle international transactions. By Ben Aris in Berlin September 5, Read in IntelliNews Pro. Get IntelliNews Pro. Related Content. Albania's former president Ilir Meta arrested in corruption case. Mexico set for energy shake-up as Sheinbaum rewrites the rules. IranAir redirects flights to Istanbul to avoid EU sanctions. Follow Us On. Cookies on the bne IntelliNews website. This site uses cookies - small text files that are placed on your machine to help the site provide a better user experience. In general, cookies are used to retain user preferences, store information for things like shopping carts, and provide anonymised tracking data to third party applications like Google Analytics. As a rule, cookies will make your browsing experience better. However, you may prefer to disable cookies on this site and on others. The most effective way to do this is to disable cookies in your browser. We suggest consulting the Help section of your browser or taking a look at the About Cookies website which offers guidance for all modern browsers. We use cookies to ensure that we give you the best experience on our website. If you continue we'll assume that you are happy to receive all cookies from this website. Accept View Cookie Policy. Subscribers sign in. Close Register. Please complete your registration by confirming your email address. Remember me. Close Login. Close Submit. Click here for more subscription options, including to the print version of our flagship monthly magazine: More subscription options. Take a trial to our premium daily news service aimed at professional investors that covers the 30 countries of emerging Europe: Get IntelliNews PRO.
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