Russia’s State Duma Deputy Aksakov calls the deadline for the adoption of the law on cross-border crypto payments

The parliamentarian believes that this tool is necessary for Russian businesses to circumvent Western sanctions

21.10.2022 - 08:45

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What’s new? Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market of the Russian Federation, said that the law providing for the use of crypto payments for cross-border payments may be adopted before the end of the year. According to the news agency RASPI, Aksakov noted that this draft should be approved as soon as possible to give Russian businesses a tool to circumvent sanctions and establish international financial relations.

RASPI’s material

What else did the deputy add? As Aksakov notes, foreign partners are also interested in using digital financial assets (DFAs) and are willing to use them to trade with Russian companies. He recalled that the Russian Federation already has three DFAs issued by Norilsk Nickel, Transmashholding, and SberBank.

“Six more digital financial assets are on the way, I think they will appear next year. The launch of the digital ruble is planned for the end of the first quarter of next year. There are already good developments,” he added.

The Chairman of the State Duma also emphasized that within the country it will be prohibited to pay with cryptocurrencies, they are designed only for cross-border transactions.

In early October, it was reported that, despite the lack of regulation, some Russian companies already began to conduct the first cross-border transactions with digital currency in a limited volume. The Chamber of Commerce and Industry (CCI) stressed that cryptocurrencies are mainly used in settlements with unfriendly countries.

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