Cryptocurrency transactions could be legal in 2023

This information was revealed by a source close to Ivan Chebeskov, the head of the financial stability department of the Finance Ministry, and Anatoliy Aksakov, the director of the State Duma Committee on Financial Market.

The source says that the review of the bill to allow cross-border payments in cryptocurrencies by the Russian government began in late winter of 2022. According to Chebeskov, this bill has a section about cross-border payments with cryptocurrencies, which states that crypto tokens could be equated to property. This would mean that all crypto payments would be considered barter.

It is expected that Moscow and St. Petersburg exchanges will handle the operations. The Ministry of Economic Development hopes that the decision to use cryptocurrencies for transactions would have a positive impact of small and medium sized businesses, along with companies that are under sanctions, which makes international financial operations more difficult.

Chebeskov stated that new bills for cryptocurrency payments must be drafted.

“Currently, there is a multitude of legislative initiatives being considered, however, none of them have been sent to the government for review”, – he said.

While thinking about the timeframe of implementing the idea, Anatoliy Aksakov told the source that cryptocurrency payments could be legal by the first half of 2023.

During an interview he stated: “The Russian infrastructure should be given a chance to be a part of the process, it should be developed and controlled. Entering the cryptocurrency market should be done via our infrastructure with the process being controlled by the regulatory body”.

Ministry of Economic Development officers also talked with the source about the departments work with the Finance Ministry and the Central Bank of Russia on the issue of using cryptocurrencies in cross-border payments for foreign trade deals. The representatives of the Ministry speak in favour of this decision because it would help small and medium sized companies make transactions despite the sanctions.

The Central Bank has stated that it is too early to speak about making crypto legal tender in Russia, along with legalising cryptocurrency exchanges on Russian territory.

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