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A draft law designed to regulate the mining of digital coins in Russia also legalizes the use of cryptocurrencies in international settlements. It has been submitted to the Russian parliament following the rejection of an earlier bill that aimed to allow domestic crypto payments as well.
Russian lawmakers will review a new bill to legalize cryptocurrency mining, which has seen significant growth in recent years. Announcing the submission of the bill on Sputnik radio, the head of the Parliamentary Financial Market Committee Anatoly Aksakov pointed out that the document allows the use of cryptocurrencies as a means of payment outside the country.
“We have introduced a bill that legalizes mining, that is, the issuance and circulation of cryptocurrencies. But cryptocurrencies can only be used as a means of payment outside our country, in foreign jurisdictions,” explained Aksakov, also quoted by RBC Crypto. In experimental mode, the digital assets can also be used to pay for parallel imports, the deputy added, stressing:
This is a step that speaks of a new direction in the development of the financial markets in our country.
Sanctions pressure has increased support for the idea of allowing cross-border crypto payments, but most government institutions in Moscow remain opposed to the legalization of bitcoin and similar payments in the Russian Federation. Another mining bill, put forward by the liberal New People faction, was rejected when it provided for the legalization of domestic crypto payments.
The latest draft law was announced last week by Anton Gorelkin, deputy chairman of the information policy committee of the State Duma, the lower house of parliament, and a member of the ruling conservative United Russia party. At that time, he noted that it is a more elaborate document, which reflects the opinions of the Bank of Russia and the Ministry of Finance.
Gorelkin added that the federal law “On mining in the Russian Federation” does not threaten the status of the Russian ruble as the only legal tender and creates the basis for the development of the country’s own crypto infrastructure. After months of deliberation, Russian lawmakers are also expected to review a bill “On Digital Currency” designed to more comprehensively regulate Russia’s crypto market than the current law “On Digital Financial Assets.”
Do you think Russia will start using cryptocurrencies in foreign trade after the adoption of the new cryptomining law? Share your expectations in the comments section below.
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