TechFlow reported on July 31 that according to Bitcoin.com News, Alexander Ilyukhin, First Secretary of the Russian Embassy in Nicaragua, said that El Salvador has proposed using cryptocurrencies for trade settlements with Russia in an effort to overcome the traditional financial challenges brought about by the dollarized economy.

Ilyushin said that because El Salvador's official currency is the US dollar, as an alternative, El Salvador proposed to use cryptocurrencies in trade operations. Although it is possible to consider using the currencies of the two countries for settlement, this may expose traders to the risk of Western sanctions. In addition, El Salvador plans to formally apply to join the BRICS in the next one to two years to attract investment and enhance economic independence.