Russian businesses may begin doing business in cryptocurrencies with partners abroad as early as next year, and they will be able to choose the coin they want to use, according to officials in Moscow. The sanctioned nation is getting ready to make it lawful to settle foreign trade disputes using digital assets, and this might happen soon.
Russian government poised to approve cryptocurrency transactions on a global scale
With the "On Digital Currency" law, which was proposed by the Ministry of Finance in February of this year and received government backing, Russia may permit cross-border cryptocurrency transactions. The State Duma, the lower house of parliament for Russia, is scheduled to discuss it during its fall session.
The proposal includes a clause on cross-border exchanges of digital assets, according to Ivan Chebeskov, director of the ministry's Financial Stability Department. Bitcoin is acknowledged as a kind of property that may be exchanged for goods and services. At the same time, the official did not completely exclude out the introduction of a special regulation that would govern international cryptocurrency transfers.
We are working on several legislative proposals that haven't yet been formally filed to the government. Chebeskov said that since the initiative might originate from deputies, there may be various options for how this can be done. He continued by saying that it is reasonable to anticipate seeing international cryptocurrency transactions in 2023.
Anatoly Aksakov, the head of the parliamentary Financial Market Committee, who is one of the legislators working on these initiatives, acknowledged to the publication that he was prepared to sponsor legislation governing the subject in a chat. He went on to say that enterprises in Russia would have the option of trading in bitcoin, ethereum, or any other cryptocurrency.
He emphasised that participants should only enter the cryptocurrency market through it and under rigorous regulatory control, insisting that Russia must develop its own crypto infrastructure. The stock exchanges in Moscow and Saint Petersburg, according to Aksakov, are prepared to offer the infrastructure that the nation currently lacks. He also believed that beginning in 2019, international cryptocurrency transactions would be possible.
The Russian Ministry of Economy also disclosed that it is collaborating with the Ministry of Finance and the Russian Central Bank on the problem of using digital currency in international trade. According to its spokesmen, the department is in favour of this strategy since it may lessen the strain from sanctions, particularly for small and medium-sized businesses that have trouble processing payments internationally.
In response to its military invasion of the neighbouring Ukraine, Russia has been attempting to find a way around the growing financial sanctions imposed by Western nations. The country cannot function without cross-border cryptocurrency settlements, the finance ministry and the central bank have agreed. The monetary authority highlighted that there is no mention of legalising cryptocurrencies as a form of payment inside the nation, despite being a staunch opponent of allowing the unrestricted circulation of bitcoin and similar digital currencies.
