MOSCOW – The Russian Parliament is urging the Vladimir Putin government to adopt the relevant legal framework to regulate cross-border cryptocurrency payments.
Anatoly Aksakov, Chairman of the National Duma Financial Markets Committee, has revealed the need for regulation to finalize cross-border cryptocurrency payment plans.
The Russian parliament is expected to review crypto-related legislation this fall, including a new “digital currency” bill.
Aksakov called earlier this week after the Russian Ministry of Finance asked the Russian government to introduce additional regulations to implement a payment system that could be used alone or with friendly countries including China, Belarus and North Korea.
Aksakov, citing the trade daily Kommersant and the Russian news agency RIA Novosti, emphasized the importance of setting legal restrictions on the use of cryptocurrencies for cross-border payments.
He also said that who will enter the cryptocurrency market must be decided in advance by the authorities.
Citing Bitcoin News, he explained: “First, we need a legal basis for a legal and transparent process. At the same time, it is worth remembering that the Russian Federation bans cryptocurrencies as a means of payment.”
The Central Bank of Russia has also made it clear that its current priority is international cryptocurrency payments, rather than focusing on cryptocurrency payments or the legalization of intra-country transactions.
In January, the Monetary Authority of Russia proposed a total ban on domestic cryptocurrency activities, including issuance, trading and mining.
Stablecoins were discussed as another option for Russia to deal with economic sanctions imposed by the West.
Deputy Minister of Finance Alexei Moiseev said Moscow would work with many “friendly countries” to create a stable currency-based payment platform to avoid the use of US dollars and euros.