Russian Businesses to Choose Which Crypto to Use for Cross-Border Settlements, Lawmaker Says – Bitcoin News

According to officials from Moscow, Russian companies could begin trading in cryptocurrency as soon as next-year with overseas partners. In the near future, this sanctioned country could legalize foreign trade transactions with digital assets.

Russian Government is ready to approve international transactions in cryptocurrency

Russia may authorize cross-border crypto settlements with the law “On Digital Currency” which was presented by the Ministry of Finance in February of this year and has been supported by the government. Russian legislators are likely to examine it during the Fall Session of the State Duma.

Ivan Chebeskov, director of the ministry’s Financial Stability Department, has been quoted as saying that the draft features a provision on international transactions with digital assets. The draft recognizes cryptocurrency to be property that is eligible for use in barter transactions. However, the official didn’t rule out the creation of a separate law to regulate cross-border cryptocurrency payments.

“We have a number of legislative initiatives that we are working on, which have not yet been formally submitted to the government. Therefore, there may be different options for how this can be implemented,” Chebeskov told the daily Izvestia, remarking that the initiative could come from deputies. He added that it’s quite realistic to expect to see international crypto transactions in 2023.

Anatoly Aksakov (head of the Financial Market Committee in the Parliament) admitted to the newspaper in an interview that he is ready to support legislation regulating this subject. He further elaborated that Russian businesses will be able to choose which cryptocurrency they want to trade in — bitcoin, ethereum or any other.

However, he insisted that Russia should create its crypto infrastructure. He stressed that only participants can access the cryptocurrency market through this network and that strict regulation must be followed. Aksakov said the country doesn’t have such infrastructure at the moment, however, he stated that both the Moscow and Saint Petersburg stock exchanges can provide it. He expressed confidence that cryptocurrency can soon be used for international transactions.

Meanwhile, the Russian Ministry of Economy revealed that it’s working together with the Ministry of Finance and the Central Bank of Russia on the issue of using digital currency in foreign trade. Representatives of the ministry assured them that they support this strategy because it can reduce sanctions on small and medium-sized businesses that have difficulty making international payments.

Russia was trying to figure out a way around the increasing financial restrictions that Western governments have imposed after its war on Ukraine. Recently, the finance ministry and central bank agreed that cross-border cryptocurrency settlements were necessary. Although the central bank is a staunch opponent to bitcoin’s free circulation and similar technologies, it stressed that no plans are being made for crypto payment within the country.

Are you positive that Russia will allow international cryptocurrency payments before the end of this year? Leave your comments below.

Lubomir Tatsev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.