A bill to regulate digital coin mining in Russia also legalizes the use of cryptocurrencies in international settlements. It was submitted to the Russian parliament after the rejection of an earlier bill that also sought to allow domestic crypto payments.
Crypto mining bill allows Russian residents and businesses to pay with crypto abroad
Russian lawmakers will consider a new legislative proposal for the legalization of cryptocurrency mining, which has seen significant growth over the past few years. Announcing the filing of the bill on Sputnik Radio, Chairman of the Parliamentary Financial Markets Committee Anatoly Aksakov pointed out that the document allows the use of cryptocurrencies as a means of payment outside the country.
“We have introduced a bill that legalizes mining, i.e. the issuance and circulation of cryptocurrencies. But cryptocurrencies can only be used as a means of payment outside our country, in foreign jurisdictions,” explained Aksakov, also quoted by RBC Crypto. In experimental mode, digital assets can also be used to pay for parallel imports, the MP added and pointed out:
This is a step that speaks of a new direction in the development of financial markets in our country.
Sanctions pressure has increased support for allowing cross-border crypto payments, but most government institutions in Moscow remain opposed to legalizing payments with bitcoin and the like inside the Russian Federation. Another mining bill, introduced by the liberal New People faction, was defeated because it would legalize domestic crypto payments.
The latest bill was announced last week by Anton Gorelkin, deputy chairman of the Information Policy Committee at the State Duma, the lower house of parliament, and a member of the ruling conservative United Russia party. . At the time, he noted that it was a more elaborate document, reflecting the views of the Bank of Russia and the Ministry of Finance.
Gorelkin added that the federal law “On Mining in the Russian Federation” does not threaten the status of the Russian ruble as the only legal currency and creates the basis for the development of the country’s own cryptographic infrastructure. After months of deliberation, Russian lawmakers are also expected to consider a “digital currency” bill designed to more comprehensively regulate the Russian crypto market than the current “digital financial assets” law.
Do you think Russia will start using cryptocurrencies in foreign trade after the new law on crypto mining is passed? Share your expectations in the comments section below.
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