• Russia is planning to allow international trade in cryptocurrency within the next month, according to the national news agency TASS.
• Russian officials have been teasing the possibility of allowing bitcoin and cryptocurrency payments for imports for almost a year, following an intense package of Western sanctions.
• The Ministry of Finance proposed a roadmap for bitcoin regulation in January 2022, and U.S. President Biden announced the first tranche of Russian sanctions, blocking five of the biggest Russian banks and freezing all the assets they held in America.
Russia is taking major steps towards legalizing international cryptocurrency trade in the upcoming month. According to the national news agency TASS, Anatoly Aksakov, the chairman of the country’s Congressional finance committee, said that they want to legalize cryptocurrencies to ensure foreign trade activities.
This news comes after a period of heightened tension between Russia and the West, following Russia’s invasion of Ukraine, which resulted in a package of Western sanctions being imposed. The Ministry of Finance proposed a roadmap for bitcoin regulation in January 2022, and U.S. President Biden announced the first tranche of Russian sanctions, blocking five of the biggest Russian banks and freezing all the assets they held in America.
However, despite the government’s plans to allow cryptocurrency payments for foreign trade, there are no plans to encourage similar usage of the assets within the boundaries of the nation’s territory. Aksakov stated that the circulation of cryptocurrencies as a means of payment on the territory of Russia will be prohibited, and liability will be prescribed in this regard.
The news of Russia’s plans to legalize international cryptocurrency trade is a sign of the times, as more and more countries are beginning to recognize the potential of the digital currency and its ability to revolutionize the way we do business. This is also a sign of the growing trend of countries recognizing the potential of blockchain technology, which has the potential to revolutionize a variety of industries and provide further security measures.
It is clear that Russia is taking a progressive stance towards cryptocurrency and blockchain technology, and the nation’s plans to legalize international cryptocurrency trade are a testament to this. This move could potentially open the door to a variety of new opportunities, and it will be interesting to see how it unfolds in the coming months.