Lawmaker Says, Russian Firms Will Decide Which Cryptocurrency To Use For Cross-Border Payments

Russian businesses will be able to use any cryptocurrency they choose to in their transactions with foreign partners starting as early as next year, according to officials in Moscow. The sanctioned nation is getting ready to make laws governing international commerce in digital assets legitimate, and this might happen soon.

According to Ivan Chebeskov, director of the ministry’s Financial Stability Department, the draught includes a clause banning cross-border transactions involving digital assets. It accepts cryptocurrencies as legitimate property that can be traded. The official did not, however, completely rule out the possibility of passing a special regulation that would govern international cryptocurrency transfers.

The law “On Digital Currency,” which was submitted by the Ministry of Finance in February of this year and received government backing, may allow for cross-border cryptocurrency settlements in Russia. During the State Duma’s next fall session, the lower chamber of the Russian parliament, members are anticipated to examine it.

“We are now working on a variety of legislative measures that have not yet been formally submitted to the government. Therefore, there can be numerous ideas for how this can be accomplished, Chebeskov said, adding that the initiative could come from lawmakers, according to the newspaper Izvestia. In 2023, he continued, it is entirely reasonable to anticipate seeing international cryptocurrency transactions.

But he maintained that Russia must develop its own cryptocurrency infrastructure, stressing that users should only access the market through it and under stringent regulatory supervision. While acknowledging that there is now a lack of this infrastructure, Aksakov asserted that the stock markets in Moscow and Saint Petersburg are prepared to fill the gap. He also believed that international cryptocurrency transactions may start the following year.

Anatoly Aksakov, the chairman of the parliamentary Financial Market Committee, one of the legislators involved in these initiatives, acknowledged in a conversation with the newspaper that he was prepared to sponsor legislative actions governing the subject. He added that Russian enterprises would have the option of trading in either bitcoin, ethereum, or any other cryptocurrency.

The Russian Ministry of Economy has since disclosed that it is collaborating on the topic of using digital money in international trade with the Ministry of Finance and the Central Bank of Russia. The department, according to its representatives, supports this strategy because it may lessen the burden from sanctions, particularly for small and medium-sized businesses that have trouble making foreign payments.

Russia has been attempting to find a way around the growing economic sanctions placed on it by Western governments as a result of its military invasion of the neighbouring Ukraine. Recently, the country’s finance ministry and central bank came to the conclusion that cross-border cryptocurrency settlements are essential. The monetary authority, a staunch opponent of the unrestricted circulation of bitcoin and other cryptocurrencies, reiterated that there are no plans to make cryptocurrencies legal forms of payment within the nation.

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  • Lawmaker Says, Russian Firms Will Decide Which Cryptocurrency To Use For Cross-Border Payments
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