Russia Will Legalize Crypto For International Trade

Russian authorities announced that the country will legalize the use of cryptocurrencies for international trade in January 2023 in a bid to circumvent Western sanctions.

Anatoly Aksakov, chairman of the Congressional Finance Committee, Said Although Bitcoin (BTC) and cryptocurrencies will be allowed for international trade, their use as a means of payment within the country will be restricted. Those using digital assets may face liability.

Russia has been considering the use of cryptocurrencies for international trade for nearly a year, following a package of Western sanctions imposed following its invasion. ukraine,

Crypto Regulation in Russia

Here are the steps to legalize cryptocurrency for international trade of Russia The regulatory roadmap for bitcoin, which was put in place in January 2022. The country’s finance ministry later introduced a resolution on the matter. In April, the tax authority proposed to allow entities to accept cryptocurrency as payment in foreign trade.

The Bank of Russia, which previously called for a complete ban on bitcoin and other cryptocurrencies, finally backed out in June to allow BTC payments for international settlements. In September, the central bank agreed with the Ministry of Finance that “it would be impossible to do without cross-border settlements in cryptocurrencies.”

Aksakov also said that Russia wants to create a central bank digital currency (cbdc) that can be used in international trade. The country has been working on a digital ruble for several years, and the central bank is testing it in some regions. Aksakov said that the digital ruble could be launched within the next five years and could be used for international trade, especially with countries in the Middle East and Asia.

The move to legalize cryptocurrencies for international trade is part of Russia’s efforts to diversify its economy and reduce dependence on traditional financial systems. By using cryptocurrencies for international trade, Russia is potentially trying to bypass financial sanctions and avoid using traditional payment methods such as the US dollar or euro.

The news is like this recently reports That Russia’s lawmakers have proposed a law adjustment to regulate a crypto exchange, outlawing the use of crypto in the country. Recently, some industry insiders also suggested Russia may soon become a major player in the field of cryptocurrency mining and secure its place as the second largest crypto miner in the world.

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