A socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5,000 people working in Russia and abroad.

The Foundation works alongside various UN departments and other international organizations, and is building multi-format cooperation with 173 economic partners, including industrialists’ and entrepreneurs’ unions, financial, trade, and business associations from 78 countries worldwide, and 179 Russian public organizations, federal and legislative agencies, and federal subjects.

The Roscongress Foundation has Telegram channels in Russian t.me/Roscongress, English – t.me/RoscongressDirect, and Spanish t.me/RoscongressEsp. Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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A New Form of International Cooperation: How will Payments be Made?
16 June 2022
15:00—16:15
KEY CONCLUSIONS
The crisis is a new window of opportunity, including for national payment systems

Sanctions on citizens who want to travel and spend their money abroad are helping the economies of other countries, which are now in demand instead. I think that, sooner or later, the sanctions will ease and the Russian people's ability to travel will be restored as countries begin to need more Russian tourists. Therefore, the ability to pay everywhere with a Mir card will be in demand. I think that this is our opportunity. We need to be a little more understanding and pragmatic about the idea of Mir in the whole world. I really believe in it and believe that today's crisis creates a window of opportunity for us — Vladimir Komlev, Chairman of the Management Board, Chief Executive Officer, National Payment Card System.

Venezuela was practically under blockade. Various sanctions were imposed on Venezuela, especially in 2018. Our response was that we applied national policies and started to develop our own payment systems that were developed in our country, by us, the Venezuelans. Now we can ensure that all our citizens can make payments every day — Calixto Jose Ortega Sanchez, President, Central Bank of Venezuela.

International cooperation should be mutually beneficial to countries

Every day presents us with new challenges that force us to develop new ways of cooperating internationally. We are entering into new alliances, and, in particular, we are expanding our cooperation with our Chinese partners. We are currently working on making Mir payment system cards work in our country. We hope that in the very next days or weeks we will make a final push and the Mir payment system will be fully adopted by our country by the end of the year. That is why the number of Russian tourists coming to our country has been growing lately, because there are fewer and fewer difficulties to pay. We keep working — Alberto Quinones Betancourt, Director General of Systems Technology and Development, Central Bank of Republic of Cuba.

We have already developed a domestic payment system for our citizens. The challenge is to create a system that works on all the platforms that operate in our country. We have to go to the global electronic space, and ensure that all the transactions that our citizens make are paid. In this sense, we have already taken several initiatives, and we are far advanced in talks with our partners from Russia, Turkey, and China — Calixto Jose Ortega Sanchez, President, Central Bank of Venezuela.

The solution in the future is cooperation. Honest cooperation. If one side wants to maximize benefits, it will not work, it will not be sustainable. Therefore, both sides should benefit at the same time. Both sides. So this form of international cooperation has to work together — Emrah Sener, Deputy Governor, Central Bank of the Republic of Turkey.

Bilateral treaties are very important, but at the same time, I don't think this is the natural and correct solution. This is because the proper solution would be a new world order, in which new technologies and new world standards are included. So that countries like us can use it — Tarek Raouf, Chief Executive Officer, Egyptian Banks Company (EBC).

ISSUES
Terms of the economic embargo

Our country has been living for more than 60 years under an economic blockade that was imposed by the United States. In recent years, we have multiplied our efforts to modernize all sectors of our economy, following the guidance of our leaders and our government. We have made great efforts to develop our capacity so that tourists visiting our country can take advantage of international payment systems. The experience we have accumulated compares with that of other countries — Alberto Quinones Betancourt, Director General of Systems Technology and Development, Central Bank of Republic of Cuba.

It would seem that the difficulties that have stood in the way of the foreign expansion of the Mir payment system are quite serious. Certainly, we have made serious steps and had some achievements in the last eight years. But today, we really want to look to the future, and we need to understand how and where our chances are. For us, this is probably the key issue in ensuring that Russians can continue to travel successfully and have no problems with paying abroad — Vladimir Komlev, Chairman of the Management Board, Chief Executive Officer, National Payment Card System.

Acceptable conversion without dependence on third countries

It's good to have an instant pay-by-phone system. But at the same time, we need to make the phone payment systems work with each other. In Turkey, we have the Turkish lira, for example. So, when we pay each other in rubles, it will have an impact on the conversion. That is, the transition from one currency to another currency. This is a critical system — Emrah Sener, Deputy Governor, Central Bank of the Republic of Turkey.

We are really struggling to find these payment channels that would be acceptable, that are understandable, and are independent of third countries. […] We are facing this problem now, it is not easy and it goes far beyond retail payments and payment systems. Indeed, I want to have some kind of channel with each country, to enable a simple conversion. Rubles to dirhams, rubles to liras, and so on. And this is where the problems really begin — Vladimir Komlev, Chairman of the Management Board, Chief Executive Officer, National Payment Card System.

SOLUTIONS
Open payment system

All Mir cards, even those that work in Turkey, are a closed system. The system is a closed-loop. You can include someone in this system or you can exclude them from it. Not in the near future, but moving forward, in the distant future, the system will morph into something else. We will need a completely open system so that no player can say, 'I can include you and I can exclude you at will — Emrah Sener, Deputy Governor, Central Bank of the Republic of Turkey.

We believe that the future for the user in terms of online payment infrastructure is that we will be able to enable the user to pay online without being linked to any cards. There are various ideas being promoted around the world about how a user can have all their bank accounts displayed in some single app and ensure a direct debit of that account — Alexander Ayvazov, Senior Vice President for Investments and Business Development VK.

Digital money

In the future, our payment systems, which we are currently trying to build up, should be cheap and inclusive. I have said that I like cash, but in September, in Turkey, we will be conducting the first trials of digital money. […] It is a digital version of cash. In the digital world, you don't need to have a bank account, you don't need to have access to the Internet, but you can spend your money through your mobile phone — Emrah Sener, Deputy Governor, Central Bank of the Republic of Turkey.

For us, the future is naturally associated with digital payments and digital currencies. Last October we issued a new financial policy order and we called it the digital bolivar, our currency. It is a digital version of our national currency. […] I am sure that in the future, as my Turkish colleague said, naturally, digital coins and digital money will be used more and more. Of course, this opens the possibility for us to cooperate with other countries. We have to think about how to make such payments compatible — Calixto Jose Ortega Sanchez, President, Central Bank of Venezuela.

We have been talking about digital currency and digital money for a long time now. We are trying to develop with everyone in our country. We are researching the market and trying to find the cheapest solutions. First of all, it must be cheap for our consumers and the citizens of the country — Alberto Quinones Betancourt, Director General of Systems Technology and Development, Central Bank of Republic of Cuba.

The material was prepared by the Russian news agency TASS