Top Russian politicians claim that domestic companies are “already” conducting cryptocurrency commerce abroad and that they believe their actions are legitimate.
The Central Bank of the country, which has a strong anti-crypto stance, has agreed to the formulation of a law that will permit specific businesses to deal in cryptocurrency under its supervision.
However, one of the senior MPs in the country has argued that perhaps even this is not essential.
Anatoly Aksakov, the head of the State Duma Committee on the Financial Markets, made the remarks.
Aksakov was quoted on the BeIn Crypto website as saying that “big” Russian businesses are already “using cryptocurrency to make payments.”
United States and EU sanctions have effectively frozen Russia out of dollar-powered trade.
But Russian firms think they can circumvent these measures by paying for imports in crypto.
They also want the power to receive crypto payments from foreign buyers of Russian exports.
And Aksakov explained that Russian “authorities” are “aware” that many “large” Russian firms are doing just that.
He stated that “businesses are not afraid of persecution, because they believe that they are acting within the law.”
“[Big Russian companies are saying: ‘We don’t even need a law [to carry out crypto transaction-powered business]. We know we are working within the existing legal framework and are not afraid of the consequences.’”
Russian Companies ‘Already’ Buying & Selling Goods for Crypto?
Senior legislators like Aksakov are happy to let enterprises to continue functioning in this manner while aware of the situation, suggesting that Moscow may be changing its stance on cryptocurrency.
The Central Bank has stated that it is happy to allow enterprises to do cryptocurrency transactions.
It will, however, only consent to this if assurances are provided that the cryptocurrency used in these transactions would be converted into money in another location.
It doesn’t want cryptocurrencies to take over the Russian economy, so it wants to concentrate on a faster rollout of a virtual ruble.
Russian MPs stated last month that they were moving rapidly on cryptocurrency regulation and that two legislation will be prepared for adoption as early as June.
In addition to regulating the crypto sector, MPs also want to legalize authorized crypto mining.
They also hope to outlaw unregistered mining and will seek to tax industrial miners on their profits.