A high-ranking member of the Russian Parliament has urged the adoption of an appropriate legal framework to properly regulate cross-border crypto payments. His proposal comes as key regulators in Moscow say Russia should allow the use of cryptocurrencies in foreign trade at a time when it is dealing with severe financial sanctions.
The chairman of the Financial Market Committee suggests the adoption of the Crypto Payments Law for Russia
Anatoly Aksakov, head of the financial market committee at the State Duma, considers it necessary to provide cross-border settlement in cryptocurrency with a regulatory framework. The lower house of the Russian parliament is expected to review a crypto-related bill this fall, including a new law on “digital currency,” and Aksakov has been an active participant in these efforts.
A member of the lower house of the Russian Parliament made a call after the Ministry of Finance and the Central Bank of Russia agreed earlier this week that “it is impossible to do without cross-border settlements in cryptocurrency”. Western sanctions have intensified over Russia’s invasion of Ukraine.
Aksakov, quoted by business daily Kommersant and RIA Novosti news agency, emphasized that defining legal boundaries for the use of cryptocurrencies in cross-border settlements is an important task. He also pointed out that it is necessary to identify those entering this market by the authorities.
“First of all, this requires a legal basis for a legal and transparent process. At the same time, it is important to remember the ban on cryptocurrencies as a means of payment in the Russian Federation,” said the deputy head.
Despite the agreement with the Ministry of Finance on international crypto payments, the Central Bank of Russia also made it clear that the development is not about legalizing cryptocurrency payments or transactions in the country. In January, the monetary authority proposed a blanket ban on domestic crypto activities, including mining, trading and mining.
Another alternative to Russian sanctions is discussed as Stablecoins. Deputy Finance Minister Alexei Moiseev said Moscow was working with the governments of several “friendly countries” to establish clearing platforms for international stablecoin settlements in an effort to avoid using major currencies such as the US dollar and euro.
Do you think Russia will replace Western fiat money in a big way with cryptocurrencies or stablecoins trading partners? Share your expectations in the comments section below.
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