Leading Russian politician claims that domestic companies are “already” conducting cryptocurrency-related business abroad and that they believe this to be within their legal rights.
Recently, the nation’s fiercely anti-crypto Central Bank consented to the drafting of a law enabling specific businesses to trade cryptocurrency under its supervision.
However, a leading Member of Parliament in the country has hinted that even this might not be needed.
The State Duma Committee on the Financial Markets’ Chair, Anatoly Aksakov, made the remarks.
The BeIn Crypto Russian-language site quoted Aksakov as stating that “big” Russian companies are already “using cryptocurrency to make payments.”
Sanctions imposed by the US and the EU have essentially kept Russia out of dollar-powered trade.
Yet, Russian businesses believe they can get around these regulations by using cryptocurrency to pay for imports.
Additionally, they want the ability to accept cryptocurrency payments from overseas consumers of Russian exports.
And Aksakov explained that Russian “authorities” are “aware” that many “large” Russian firms are doing just that.
He stated that “businesses are not afraid of persecution, because they believe that they are acting within the law.”
He said:
“[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.’”
Russian Companies ‘Already’ Buying & Selling Goods for Crypto?
Senior politicians like Aksakov are aware of the circumstances and are content to let businesses carry on in this way, which suggests that Moscow is reevaluating its position on cryptocurrencies.
According to the Central Bank, businesses are welcome to purchase and sell goods in cryptocurrency.
However, it will not approve this until it has confirmation that the cryptocurrency involved in these transactions will be sold abroad for fiat money.
It would rather give priority to the accelerated introduction of a digital ruble than allow cryptocurrencies to become part of the Russian economy.
Legislators in Russia asserted last month that they were moving quickly to regulate cryptocurrencies, putting forth two bills that could be approved as early as June.
MPs seek to legalize permitted cryptocurrency mining in addition to regulating the cryptocurrency industry.
In addition, they want to tax industrial miners based on their profits and outlaw mining without a permit.