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Leading Russian Lawmaker Supports Calls to Legalize Global 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 a central bank that under the existing conditions, “it is impossible to operate without cross-border transactions in cryptocurrencies,” the prominent member of the lower house of the Russian parliament made the appeal. Western sanctions on Russia for its invasion of Ukraine have been increasing.

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 premium on the requirement that everyone entering this market be identified by authorities.

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.

Another choice for Russia under sanctions has been stablecoins. In an effort to avoid using significant fiat currencies like the U.S. dollar and the euro, Moscow is collaborating with the governments of several “friendly countries” on the establishment of clearing platforms for international stablecoin settlements, according to deputy finance minister Alexey Moiseev.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.