Top Russian politicians are claiming that domestic firms are already engaging in overseas transactions using cryptocurrency, believing they are working within their legal rights. In recent times, Russia has been effectively frozen out of dollar-powered trade due to United States and EU sanctions. However, Russian firms have started to use cryptocurrency as an alternative means for paying for imports, circumventing these sanctions. Furthermore, they hope to gain the ability to receive crypto payments from foreign buyers of Russian exports.
Anatoly Aksakov, the Chair of the State Duma Committee on the Financial Markets, has stated that even the nation’s major companies are using digital currencies for transactions without fearing legal repercussions. These businesses believe they are working within the existing legal framework and aren’t threatened by possible consequences. According to Aksakov, “big Russian companies are saying: ‘We don’t even need a law [to carry out crypto transaction-powered business]. We know we are working within the existing legal framework and are not afraid of the consequences.'”
This situation and the fact that senior politicians like Aksakov are aware of it signal that the country may be softening its stance on cryptocurrency. The Central Bank has expressed openness to the idea of firms buying and selling goods using digital currency but will only approve such transactions if it can receive assurances that the cryptocurrency involved will be sold for fiat overseas. The bank doesn’t want cryptocurrency to enter the Russian economy and is prioritizing the launch of a digital ruble.
Just last month, it was reported that Russian lawmakers were progressing rapidly in drafting cryptocurrency regulation, with two bills expected to be adopted as early as June. In addition to regulating the crypto sector, they also aim to legalize authorized crypto mining in the country. On the other hand, they hope to outlaw unregistered mining activities and tax industrial miners on their profits.
While the growth of cryptocurrency usage in overseas trade shows some level of openness from Russian authorities, it’s important to consider the broader regulatory landscape, which seems to still prioritize the development and use of a digital ruble. Cryptocurrency certainly provides an interesting alternative for Russian firms in light of sanctions, but it remains to be seen how the government will manage its balancing act between digital currencies and their own digital ruble initiative.
Source: Cryptonews
