Deputy Aksakov announces the legalization and “serious control” of cryptocurrencies in the Russian Federation

According to the official, the owners of this type of asset are waiting for the opportunity to work in the legal field

26.06.2023 - 08:20

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What’s new? Cryptocurrency in Russia will be legalized, but at the same time all transactions with it will be under serious control to avoid abuse, said Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market. During the Cheboksary Economic Forum, the deputy also noted that cryptocurrency users are waiting for the opportunity to work in the legal field.

Material by TASS

What else did the deputy say? Aksakov stressed that cryptocurrency can be used, including for mutual settlements with foreign counterparties. According to him, at the moment, some foreign banks are wary of making settlements with Russian institutions. In this regard, cryptocurrency users expect the possibility of legal transactions.

The official also reiterated his prediction that four cryptocurrency draft laws may be adopted by the State Duma in the first reading already in July. Adoption in the final reading is expected in October.

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TripleA estimates that 5,8% of the population owns cryptocurrencies in Russia. The country is in 11th place in the global ranking.

In May, the Central Bank announced the creation of an organization for international settlements in cryptocurrency. The demand for cryptocurrency in this direction, according to analysts of the mining company BitRiver, could reach $50 billion. Representatives of the Ministry of Finance admitted that the role of cryptocurrency market regulator in the Russian Federation may be given to the Federal Taxation Service.

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