A Lawmaker Says Russian Companies Have Already “Conducted Billions of Dollars Worth” of Crypto Trade

Posted by cryptonews Crypto News September 17, 2024 1.9k Views

Finalizing the list of businesses that will be permitted to keep using cryptocurrency is the Finance Ministry and Central Bank.

According to a prominent Russian lawmaker, cryptocurrency has already been utilized by Russian businesses to complete cross-border trade transactions valued at “billions of dollars.”

He did, however, state that it was “necessary to limit the number of organizations” that are able to use cryptocurrency as a means of settlement.

Furthermore, the lawmaker asserted that by “around” November, new cryptocurrency laws and a list of “approved” crypto “participants” would be available.

Per the Russian media outlet RBC, the Chairman of the State Duma’s Committee on Financial Markets Anatoly Aksakov said that the Ministry of Finance and the Central Bank are ready to launch new legislation.

Russian Firms Want More Crypto Freedom

The head of Russia’s rapidly expanding crypto laws, Aksakov, stated that the bank and ministry “are preparing to determine” who is eligible to join a new sandbox.

Businesses that are part of the sandbox will be able to use cryptocurrency as a means of payment in global settlements.

Before the year ends, the parties, according to Aksakov, will finalize a “circle of participants” and introduce new regulations pertaining to “cryptocurrency trading.”

Anatoly Aksakov, Chairman of the Russian State Duma’s Committee on the Financial Markets. (Source: RTVI News/YouTube/Screenshot)

Exchanges for cryptocurrencies seem to be the main topic of conversation. In Russia, cryptocurrency exchanges are still totally unregulated.

The bank had previously stated that they wanted to outright prohibit them. But since Russia decided to legitimize its industrial crypto mining sector, its position on this issue has changed.

Russian companies claim that the sanctions imposed by the West are making it difficult for them to conduct business with foreign partners.

Elvira Nabiullina, the crypto-skeptic Governor of the Russian Central Bank, speaking in the State Duma. (Source: State Duma [CC BY 4.0])

Many firms have already begun using crypto in cross-border trade. But others are still waiting for Moscow’s approval. Some leaders say they want unchecked access to crypto markets.

The bank is primarily worried about what will happen to the coins that miners and trading companies amass.

It desires that Russian businesses sell the coins for cash. However, there is still an urgent question: Which platform should they use?

In recent months, senior government figures have suggested using the Saint Petersburg Currency Exchange and the Moscow Exchange’s platforms.

However, both have recently denied they have any plans to start crypto trading.

In addition to mentioning that certain banking institutions “are already actively engaged” in crypto-related activities, Aksakov proposed that banks might play a significant role.

“It is important to protect the market as much as possible from unscrupulous participants. Because cryptocurrency is used to pay not only for the supply of necessary goods, but also to buy weapons and drugs.”Anatoly Aksakov, Chairman of the Russian State Duma’s Committee on the Financial Markets

Pilot Must Come Before Wider Crypto Access, MP Insists

According to Aksakov, the sandbox will continue to be a “experimental” area under the close supervision of the Central Bank.

Russian regulators will then “understand how to regulate it better” after conducting extensive pilots.

Following this, he said, “the number of participants and trading platforms” permitted to handle cryptocurrency will be gradually increased by the government.

The Central Bank and the ministry intend to “hold a discussion with market participants in the near future,” according to the news source.

Above all, they are most eager to investigate the application of stablecoins “in international settlements.”

The bank appears especially keen, and thinks that fiat-pegged coins “may have advantages over traditional payment services in cross-border settlements.”

Aksakov has previously conceded that an unspecified number of Russian firms are already using crypto in place of fiat in cross-border trade.

Until its sandbox is fully functional, Moscow seems to be ignoring these companies’ operations, or allowing them to continue.

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