2023-05-12 10:19:27
A leading Russian politician says domestic companies are already doing business overseas with cryptocurrency – and says they believe they have the right to do so.
The nation’s vehemently anti-crypto central bank recently agreed to create a law that would allow certain companies to trade crypto. However, one of the leading representatives of the country suggested that perhaps even this is not necessary.
The comments were made by Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets. According to Aksakov the big Russian companies already “cryptocurrency is used for payment”.
US and EU sanctions effectively isolated Russia from dollar-denominated trade. However, Russian companies believe they can circumvent these measures by paying for imports in cryptocurrency. They also want to be able to accept cryptocurrency payments from foreign buyers of Russian exports.
Aksakov stated that “businesses are not afraid of prosecution because they believe they are acting according to the law”.
Russian companies are already buying and selling goods for crypto
The fact that senior politicians like Aksakov are aware of the situation and are happy to allow companies to continue operating in this way indicates that Moscow may be softening its stance on crypto. The Russian state, on the other hand, requests that the crypto used in such operations be sold overseas for fiat.
The central bank does not want cryptocurrency to enter the Russian economy and prefers to accelerate the introduction of the digital ruble.
Last month, Russian lawmakers claimed to have made rapid progress on crypto regulation, with two bills reportedly ready for passage as early as June.
In addition to regulating the crypto sector, the representatives also want to legalize licensed crypto mining. They also hope to ban unregistered mining and seek to tax the profits of industrial miners.
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