In an innovative move to address economic challenges posed by international sanctions, Russia’s central bank plans to officially launch a service by the end of the year that will allow international cryptocurrency payments to circumvent sanctions-induced transaction barriers.
Russia is moving quickly to legislate to legalize cryptocurrency payments, according to Bloomberg, a strategy aimed at mitigating growing challenges for Russian businesses in international payments posed by U.S. sanctions over the war in Ukraine.
This new approach will allow Russian businesses to gain greater freedom in their financial operations, while also opening up new possibilities for the global adoption of cryptocurrencies.
Progress on Russian Cryptocurrency Legislation
On Tuesday, deputies in the Russian State Duma conducted in-depth deliberations on the second and third readings of the bill on cryptocurrency payments. Anatoly Aksakov, chairman of the Financial Markets Committee, expects that the draft bills will be quickly approved by the Federation Council and are expected to be signed into law by President Putin on September 1. At the same time, they will also discuss a bill aimed at regulating cryptocurrency mining activities.
Aksakov admitted that although there were concerns that the legalization of cryptocurrencies could affect the domestic market, the potential of cryptocurrencies in circumventing Western sanctions has been recognized as a phenomenon that cannot be ignored. The new legislation will subject cryptocurrencies to similar regulation as foreign currencies, bringing legitimacy guarantees to related companies to reduce legal risks.
Digital asset analyst Ani Aslanyan stressed the urgency of the bill's passage, noting that its purpose is to facilitate cross-border transfers. However, he also warned that the United States may increase surveillance of Russian services and companies, which also provides them with a cat-and-mouse game to evade sanctions.
It is reported that these new regulations may mainly benefit large exporters, while small and medium-sized enterprises may be excluded, forming a "closed club" mainly participated by large enterprises. In addition, since the mining capacity of cryptocurrencies is mainly concentrated in the hands of large companies, this may also limit the popularity of transactions.
In addition, the Central Bank of Russia will serve as the main institution for cryptocurrency supervision, while the Federal Financial Supervision Service, the Federal Tax Service, the Federal Security Service and the Federal Property Management Agency will provide additional regulatory support. Aksakov believes that once the regulatory system is established, companies will be able to conduct trading activities in the cryptocurrency field more confidently.
Positive shift in attitudes towards cryptocurrencies
The legislative move appears to mark a shift in Russia’s stance on digital currencies. Faced with payment difficulties for domestic businesses caused by US sanctions, President Putin has pushed for regulation of cryptocurrencies to promote their domestic and international use. He also stressed that cryptocurrencies are increasingly becoming a means of payment in international settlements.
Although the Russian Central Bank initially proposed to ban cryptocurrencies due to concerns about financial stability, the subsequent change in attitude showed its openness to this emerging field. At the same time, the Russian Central Bank now supports the experimental use of cryptocurrencies in cross-border transactions, which also shows its willingness to explore innovative blockchain solutions.
Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia, said that in the face of challenges in international payments, he advocated considering all possible solutions, including those that may not have been favored in the past.
Through this transformation, Russia is not only seeking to resolve its current economic difficulties, but also laying the foundation for the development of the future digital economy. #俄罗斯 #加密货币 #国际制裁应对 #经济策略
Conclusion:
Russia's legislative action reflects its innovation and adaptability in the field of financial technology. By promoting the legalization of cryptocurrencies, Russia not only provides new solutions for domestic companies in international transactions, but also establishes its active role in the global digital economy.
It is believed that with the establishment of a regulatory framework, Russia is expected to achieve sustainable development in the field of cryptocurrency and contribute to the diversification and balanced development of the global economy.
