Top Russian Lawmaker Joins Calls for Legalizing International Crypto Payments – The head of the State Duma’s Financial Market Committee, Anatoly Aksakov, believes that a legal framework for cross-border cryptocurrency settlements is essential. This fall, the lower house of the Russian parliament is anticipated to evaluate draft legislation pertaining to cryptocurrencies, including a new bill “On Digital Currency.” Aksakov has actively contributed to these efforts.
After earlier this week’s agreement by the Russian finance ministry and central bank that under the existing conditions, “it is impossible to operate without cross-border settlements in cryptocurrencies,” the influential member of the lower house of the Russian parliament made the call. Western sanctions on Russia for its invasion of Ukraine have been increasing.
People Also Read: Jack Dorsey’s – Block Officially Building Open Bitcoin Mining System
Aksakov stressed the importance of establishing the legal parameters for the use of cryptocurrencies in cross-border settlements in a statement quoted by the business newspaper Kommersant and the RIA Novosti news agency. Additionally, he placed a great priority on the need that everyone entering this market be identified by authorities.
“First of all, this requires a legislative basis for a legal and transparent process. At the same time, it is worth remembering the ban on cryptocurrencies as a means of payment in the Russian Federation,” the deputy explained.
The Central Bank of Russia also made it plain that the development is not about allowing cryptocurrency payment or exchange transactions inside the country, despite the agreement with the Ministry of Finance on foreign crypto payments. The monetary authority suggested a broad prohibition on domestic cryptocurrency-related operations in January, including mining, trading, and issuing.
People Also Read: Bank of Russia Reports First Successful Digital Ruble Transfers Between Users
Stablecoins have been discussed as another option for sanctioned Russia. Deputy Finance Minister Alexey Moiseev unveiled that Moscow is working with the governments of several “friendly countries” on the establishment of clearing platforms for international stablecoin settlements as part of efforts to avoid using major fiat currencies such as the U.S. dollar and the euro.
