Russia's Comprehensive Crypto Legislation

2023-12-25T16:22:21

cryptonews.com

Hey folks.

Well, I don't know if I call it a bullish news for the crypto industry but somehow it does look that we might have some use cases for crypto if Russia as a country takes a decision of using crypto in cross border transactions.

Chairman of the State Duma Committee on Financial Committee, Anatoly Aksakov, in a recent interview with the Russian Newspaper, unveiled plans of legalizing cross border transactions with crypto in 2024.

Furthermore, in 2025–2026, Aksakov revealed plans to test the use of digital currency among the BRICS nations for inter-country settlements. The report also added that Russian government has plans of passing crypto regulation in 2024.

Aksakov affirmed the significance of using crypto for cross border payment. He continued by emphasizing the need to pass the law in both the first and second readings in March and April.

It was planned that crypto legislation would be discussed in November 2023 but due to hurdles in coordinating key institutions including government, ministry of finance, central bank, law enforcement agencies, ministry of economy the process was delayed.

In January meetings Aksakov expects resolution highlighting the urgency because of the big Russian crypto sector.

Plans like regulating crypto mining, crypto circulation, cross border payments and taxation were confirmed by Aksakov. The proposal includes introducing penalties for illegal use of cryptocurrency.

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