Anatoly Aksakov, the head of the finance committee for Russia’s State Duma said that Russia is close to legalizing the use of cryptocurrencies in international trade from January 2023, as per a report by national news agency TASS.
“In January, we want to legalize cryptocurrencies to ensure foreign trade activities,” Aksakov said, according to a translated version of the report.
Even though Russia has been on its toes to use crypto as payment in exchange for imports, there are yet no plans to promote or encourage similar usage of the burgeoning assets within the boundaries of territories of Russia, Aksakov added.
“The circulation of cryptocurrencies as a means of payment on the territory of Russia will be prohibited, and liability will be prescribed in this regard,” he reportedly stated. “But to pay for foreign trade transactions, we still assume the possibility of using cryptocurrencies, for example, for parallel imports.”
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Russia-Crypto Relationship
Russia’s relationship with crypto has been complex as both the country’s finance ministry and the apex bank of the country have different views about cryptocurrency regulation in the country. Although the western sanction since Russia’s invasion of Ukraine has changed how the concerned ministries changed how they see cryptocurrency, most likely to evade sanctions.
The Bank of Russia for instance has been the leading institution in Russia supporting a total crypto ban in the country, in June this year, it started changing its view towards cryptocurrency, probably because of western sanctions on the country.
Contrary to the opinion of the Bank of Russia on crypto, Russia’s finance ministry has been pro-crypto in its move, the first time it came into common ground with the Bank of Russia was in June when both parties agreed that involvement of crypto is necessary for the country’s payment system.
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