The draft law that regulates the Russian mining of digital currencies also allows for the legalization of cryptocurrency use in international settlements. After the denial of an earlier bill that sought to permit domestic cryptocurrency payments, the Russian parliament has approved the draft.
Russian Businesses and Residents Can Pay with Crypto Abroad With Draft Legislation
Russian legislators will examine a proposed legislation to legalize cryptocurrency mining. This industry has experienced significant growth in the last few years. Anatoly Aksakov, Chair of the Financial Market Committee in Parliament, announced the file of the bill via Sputnik radio. He pointed out that it authorizes cryptocurrency to be used as payment for outside of Russia.
“We have introduced a bill that legalizes mining, that is the issuance and circulation of cryptocurrencies. But cryptocurrencies can only be employed as a means of payment outside of our country, in foreign jurisdictions,” Aksakov explained, also quoted by RBC Crypto. The deputy added that digital assets can also be used for payment of parallel imports in an experimental mode.
This step is an indication of a change in direction for the country’s financial market development.
Although sanctions have increased support for cross-border crypto payments and many government institutions in Moscow oppose the legalization, most of them are against the legalization. A second mining bill was presented by the New People liberal faction. It allowed for legalization of crypto domestic payments.
Anton Gorelkin was the deputy chairman of Committee on Information Policy at State Duma (the lower house of parliament) and a member of United Russia’s ruling party. He announced the new draft last week. He noted at the time that the document was more complex and reflected the views of the Bank of Russia as well as 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.”
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