According to officials in Moscow, companies in Russia may start using crypto for conducting transactions with partners abroad in the next year and they will have the freedom to choose the coin they wish to use.
Due to the heavy sanctions proposed by Western nations, Russia is gearing up to legalize the use of digital assets for foreign trade settlements and this may happen in the next few months.
Cross-border crypto settlements
Back in February of this year, the Ministry of Finance in Russia had introduced a law called ‘On Digital Currency’ in the lower house of parliament, the State Duma.
It is scheduled for review by Russian lawmakers in the fall and reports indicate that the country may use the law for authorizing cross-border crypto payments.
The director of the Financial Stability Department of the Finance Ministry, Ivan Chebeskov said that the draft measures include a provision for using digital assets for international transactions.
This is because it gives the status of the property to cryptocurrency, which means it can be used for making barter deals.
However, the official did not rule out the possibility of adopting a dedicated law aimed at the regulation of cross-border payments using cryptocurrencies.
Chebeskov stated that they were working on several legislative initiatives and they had not been submitted to the government formally.
Therefore, he said that there were a number of ways they could go about implementing it. He also remarked that deputies could also present the initiative.
He also asserted that it was realistic to expect international transactions using cryptocurrencies to start happening in the next year.
Anatoly Aksakov, the head of the Financial Market Committee in the parliament, is also one of the lawmakers making these efforts.
He had admitted that he was ready to back any legislative acts that would be focused on regulating international crypto transactions.
He also elaborated that Russian businesses would be given the option of choosing the crypto they want to use for trading, whether it is bitcoin, ether, or any other.
However, he did insist that it was essential to develop a crypto infrastructure in the country that would be used by people to enter the crypto market, which should be strictly regulated.
Aksakov admitted that no such infrastructure existed in the country for now, but said that stock exchanges in Saint Petersburg and Moscow were willing to offer it.
He also expressed that international crypto transactions could begin from 2023.
Meanwhile, the Ministry of Economy had revealed that it was working with the Central Bank of Russia (CBR) and the Ministry of Finance on the matter of using digital currencies for foreign trade settlements.
According to its representatives, they are supportive of the approach because it can help reduce the pressure brought on by Western sanctions, particularly for small and medium-sized businesses.
The sanctions have cut off Russia from the global financial system and this has resulted in a lot of problems for businesses operating in the country.