Erdogan Suggests Turkish-Russian Payment System, Local Media Reports – Finance Bitcoin News

Turkish President Recep Tayyip Erdogan is reportedly pushing Turkey and Russia to establish a new payment system between them. The initiative comes as the US is under pressure against Russia’s use of the Mir card in Turkey. Several Turkish banks have worked with them to facilitate payments for Russian tourists visiting the country.

President Erdogan tasked the Turkish Government with the development of an alternative mirror, reports

Turkish President Recep Tayyip Erdoğan has instructed ministers to develop a payment system with Russia to replace Russia’s Mir banking system. According to TV channel A Haber, Turkish and Russian officials have held talks on the issue.

The move follows Washington’s announcement that the US will try to persuade Turkey to limit its support for Mir. Its tags are one of the few options left for Russians to vacation in Turkey as Western sanctions have cut them off from the global reach. credit and destinations. Many of them visited Turkey this year.

Quoted by the Russian business daily Kommersant, A Haber revealed that relevant Turkish and Russian government agencies are currently negotiating while President Erdogan himself will also participate in the discussion on the topic.

In mid-September, authorities in Washington said they could impose sanctions on countries that do transactions with Mir. Two of the five Turkish lenders that have worked with the Russian payment system, Isbank and Denizbank, have suspended operations with the system. State-owned Halkbank, Vakifbank and Ziraat are still using it.

Subsequently, the US Treasury Department expressed its willingness to convince the Turkish government of the need to reduce the use of Mir. Last week, US authorities expanded sanctions imposed on Russia’s invasion of Ukraine, including the chief executive of the Russian Central Bank’s National Card Payment System (NSPK). ), the moderator Mir.

NSPK is handling domestic transactions in Russia. Moscow established Mir after the annexation of Crimea in 2014, when several Russian banks were refused services by Visa and Mastercard. Russia also developed the Financial Message Transfer System (SPFS), an alternative to FASTSince then a number of Russian banking institutions have disconnect.

During the current crisis, Russia has also turned its attention to cryptocurrencies. Earlier this month, the Ministry of Finance and the Central Bank of Russia agreed that under current conditions, Russia will need to legalize cryptocurrency payments for cross-border transactions to ease the punitive pressure on the country’s economy and foreign trade.

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Do you think Turkey and Russia will develop a new payment system to replace Mir? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Becoming a writer is in my nature, rather than what I do”. Besides cryptocurrency, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons, Alessia Pierdomenico

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