A senior Russian lawmaker has called for the development of an appropriate legal framework to suitably control international crypto payments. His suggestion follows statements by influential Moscow regulators that, in light of the country’s severe financial constraints, Russia must permit the adoption of cryptocurrency in international trade.
Russia And International Crypto Payments
The head of the State Duma’s Financial Market Committee, Anatoly Aksakov, believes that a legal framework for cross-border crypto settlements is essential. During this fall season, the lower house of the Russian parliament is anticipated to evaluate draft legislation pertaining to cryptocurrencies. They would even look forward to including a new bill “On Digital Currency.” Moreover, Aksakov has actively contributed to these efforts.
Earlier this week, an agreement by the Finance Ministry of Russia and the central bank in the country was in talks. Thereafter, the ‘top Russian lawmaker‘ of the lower house of the Russian parliament made the appeal saying it is impossible to operate without cross-border transactions in cryptocurrencies. He even went on to cite that western sanctions on Russia for its invasion of Ukraine have been increasing. Therefore, we can definitely expect changes in Russian crypto regulations shortly.
In addition, Aksakov stressed the significance of establishing the rules governing the usage of international crypto payments. Additionally, he placed a great premium on the requirement that everyone entering this market be identified by authorities. He added saying:
“First of all, this requires a legislative basis for a legal and transparent process. At the same time, it is worth remembering the ban on cryptocurrencies as a means of payment in the Russian Federation.”
The points made by this top Russian lawmaker are not wrong as this volatile domain brings a host of risks. Therefore, crypto regulations in the country have become obligatory. But whether or not they will be implemented is still a question. Also, we still don’t know if Russia will follow the global actions taken in the sector or will it form its own distinct set of rules.