• Russia Moves a Step Closer to Crypto Adoption

  • Faced with financial sanctions as a result of the invasion of Ukraine, Russian officials are stepping up efforts to circumvent the limitations through the use of cryptocurrency. Recently, the country’s central bank requested that stock exchanges be allowed to trade cryptocurrencies.

    Overseas Crypto Payments in Russia

    The country is considering enabling cryptocurrency to be used for foreign payments. Interfax news agency quoted Ivan Chebeskov, head of the finance ministry’s financial policy department, as stating on Friday,

    According to sources, the country’s new draft bill on cryptocurrencies recommended promising modifications last month. It recommended that digital currencies, which are not the Russian Federation’s monetary unit, be accepted as a form of payment.

    In Russia, the emphasis is on cryptocurrency mining.

    The draft measure also suggests creating a registry of Russia’s crypto mining companies. The plan seeks to make cryptocurrency mining a lawful activity under a regulatory framework. The recommendations were developed after various Russian ministers campaigned for the industry’s legalization in the country.

    Denis Manturov, Russia’s Industry and Trade Minister, stated earlier this month that the country could soon achieve a Bitcoin breakthrough. At the time, he stated,

    “Russia will sooner or later legalise cryptocurrencies as a means of payment. The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it.”

    The comment implied that the Russian government and central bank were getting closer to reaching an agreement on crypto adoption. Chebeskov’s latest remark further strengthens the country’s chances of becoming a crypto-friendly nation. Russia too intends to launch its own central bank digital money (CBDC).

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