Russia is close to legalizing international trade in cryptocurrencies and bitcoin

Russia is close to :

legalizing international trade in cryptocurrencies and bitcoin

Russia appears to be getting closer to

legalizing international trade in cryptocurrencies, including bitcoin.

This move would represent a significant shift in the country's approach to digital assets, as it has historically taken a cautious approach to their regulation.

The draft legislation is expected to be presented to Russia's parliament

the State Duma :

in the coming months. If approved

it would represent a major milestone for the cryptocurrency industry in Russia, as it would mark the first time that the country has legally recognized bitcoin and other digital assets.

The Chairman of the Duma's Finance Committee reportedly said Russia would begin using cryptocurrency in international trade in January 2023.

TASS, a national news agency, reported this.

President of the Finance Committee of the Russian Congress Anatoly Aksakov says the country is moving towards a green light for international trade in cryptocurrencies over the next month.

In January

1. we want to legalize cryptocurrencies to
2. ensure foreign trade activities
3. Aksakov said in a translated version of the report.

The Chairman highlighted that although

Russia is taking steps to allow the payment of bitcoin

and cryptocurrencies for imports

there are no plans to encourage similar use of thriving assets within the state's borders.

The trading of cryptocurrencies will be prohibited as a means of payment on the territory of Russia, and liability will be determined in this regard.

But to pay for foreign trade transactions

1. we continue to assume the possibility of
2. using cryptocurrencies, for example,
3. for parallel imports.

Russian officials have derided this possibility for almost a year, following a severe package of Western sanctions deployed following the nation's invasion of Ukraine.

Russia drew up a road map to regulate bitcoin in January 2022, and the Ministry of Finance submitted a proposal the following month.

Around the same time

US President Biden announced the first batch of Russian sanctions

banning five of Russia's largest banks

and freezing all assets they hold in America.

A month later, Russia declared that it was willing to trade bitcoin for natural gas.

In conclusion

Russia appears to be getting closer to

legalizing international trade in cryptocurrencies, including bitcoin.

While the country has historically

taken a cautious approach to the regulation of digital assets

the push for legalization is being led by the Bank of Russia, which believes that it could help to increase the transparency of financial transactions and reduce the risk of money laundering.

The draft legislation is expected to be presented to Russia's parliament in the coming months, and if approved, it would mark a major milestone for the cryptocurrency industry in the country.