The chairman of the Russian State Duma’s Financial Markets Committee, Anatoly Aksakov, recently announced that the Russian government plans to exercise “serious” control over crypto after its legalization.
Towards a clear and controlled regulation of cryptos!
Russia, which once harbored a mistrust of cryptos, has finally changed its mind. In a context of international sanctions, interest in Bitcoin and other cryptos has increased significantly.
After Russian banks were disconnected from the SWIFT system, the Russian government gradually turned to Bitcoin, even encouraging private institutions in the country to adopt it. Sberbank, one of the largest banks in Russia, also plans to soon offer Bitcoin trading and other cryptos to its customers.
Indeed, the use of cryptos in Russia has seen a significant increase and regulation is already in the works. In February, the Russian Central Bank (BCR) launched a gold-backed Central Bank Digital Currency (CBDC).
A few months later, this institution made a reversal of its position on cryptos, now showing its preference for clear regulations. Even better, it paved the way for their use in the context of cross-border transactions.
In a article Published today by NewsBitcoin.com, Anatoly Aksakov outlined the government’s intention to establish strict regulations regarding crypto transactions and service providers.
” Ihe cryptocurrency will be legalized. His movement will obviously be subject to serious control in order to avoid abuses”says Anatoly Aksakov.
This measure aims to create a legal environment conducive to the use of crypto in international settlements, thus offering users an alternative to the problems encountered with foreign banks.
” They are ready to operate within the legal framework, as foreign banks are sometimes reluctant to interact with Russian banks and enter into agreements with Russia“, he adds.
A major reversal in the face of international sanctions
On June 17, the Central Bank of Russia (CBR) announced its intention to conduct pilot tests of cross-border settlements using cryptos, including CBDCs.
These regulations aim to expedite international transactions and facilitate trade. Alexey Guznov, Vice President of the CBR, clarified that these regulations would not be available inside the country, but would be used specifically for cross-border transactions.
Meanwhile, crypto does not yet enjoy full regulation in Russia. Nevertheless, the Russian authorities are actively engaged in stepping up their efforts in this area, in response to Western sanctions imposed following the invasion of Ukraine.
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