Russia Plans to Legalize Cross-Border Crypto Transactions by 2024
Russia is making a significant move in the crypto space as it aims to legalize cross-border transactions involving digital currencies by the second half of 2024. Anatoly Aksakov, the head of the State Duma’s Financial Market Committee, expressed his support for this proposal, calling it “absolutely right.”
“We will work hard to pass the law in March [2024] and finalize it in April-May. This means that businesses will be able to conduct cross-border settlements with cryptocurrency legally by the second half of 2024.”
– Anatoly Aksakov
Aksakov also mentioned the possibility of involving sanctioned Russian stock exchange SPB Exchange as a third-party provider in these transactions, but he did not provide further details.
Seeking Alternatives to Western Sanctions
Russia has been exploring different options to bypass Western sanctions that have limited its trading opportunities with Europe. One such option is SPB Exchange, which plans to list various cryptocurrencies, including Bitcoin (BTC), once crypto regulations are in place. Roman Goryunov, the head of SPB Exchange, aims for their platform to become Russia’s first crypto trading platform under a clear regulatory framework.
Hot Take: Russia’s Push for Crypto Adoption
Russia’s plan to legalize cross-border crypto transactions reflects its determination to embrace digital currencies and explore alternative financial avenues amid Western sanctions. By allowing businesses to use cryptocurrencies for cross-border settlements, Russia aims to reduce its dependence on traditional banking systems and enhance economic flexibility. The involvement of SPB Exchange adds an interesting dimension, potentially providing a regulated platform for these transactions. With this initiative, Russia is positioning itself as an emerging player in the global crypto landscape, seeking opportunities for growth and innovation.
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