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A senior member of the Russian Parliament has called for the adoption of a relevant legal framework to regulate cross-border crypto payments. His proposal comes after central regulators in Moscow said Russia must allow the use of cryptocurrencies in foreign trade as it faces severe financial restrictions.
Anatoly Aksakov, head of the financial market committee of the State Duma, considers it necessary to provide cross-border settlements in cryptocurrency with a regulatory framework. The Lower House of the Russian Parliament is expected to review crypto-related draft laws this fall, including a new bill “On Digital Currency,” and Aksakov has been an active participant in this effort.
The influential member of the lower house of the Russian parliament issued the call after the Russian finance ministry and central bank agreed earlier this week that for the country “it is impossible to do without cross-border cryptocurrency settlements,” under the current circumstances. Russia faces increasing Western sanctions over its invasion of Ukraine.
Quoted by the Kommersant business newspaper and the RIA Novosti news agency, Aksakov stressed that determining the legal limits of the use of cryptocurrencies in cross-border settlements is an important task. He also highlighted as a high priority the need to ensure that those entering this market are identified by the authorities.
“Firstly, this requires a legal 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.
Despite the consensus 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 payment or exchange transactions in the country. In January, the monetary authority proposed a blanket ban on domestic crypto activities, including issuance, trading and mining.
Stablecoins have been discussed as another option for sanctioned Russia. Deputy Finance Minister Alexey Moiseev revealed that Moscow is working with the governments of several “friendly countries” on establishing clearing platforms for international stablecoin settlements as part of efforts to avoid using major fiat currencies such as the US dollar and euro.
Do you think Russia will be able to significantly replace western fiat money with cryptocurrencies or stablecoins in trade with partners? Share your expectations in the comments section below.
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