Russian Parliament to Approve Use of ‘Digital Assets’ in International Payments
Russian parliament members are expected to approve legislation this week that will allow firms in the nation to use “digital financial assets” in international payments. The draft law, which has already passed a first reading in the lower parliamentary house, proposes allowing the use of digital assets in foreign trade transactions between residents and non-residents. It also suggests that traders should be able to make use of these assets in contracts and transactions. While the term “digital assets” has previously encompassed cryptocurrencies, the chairman of the State Duma Committee on the Financial Markets hinted that it now refers to digital fiats and regulated stablecoins.
Russian Parliament ‘Could Vote on Law as Early as Feb 27’
The State Duma Committee on the Financial Markets approved new amendments to the draft law on February 21. The bill requires a second reading before Senate approval, and the committee’s chairman, Anatoly Aksakov, expressed his desire for lawmakers to fast-track this process at the plenary meeting of the Russian parliament on February 27. Aksakov believes that using digital assets in foreign trade operations will benefit Russian importers and exporters, enabling them to work more actively with friendly countries.
‘Technological Barriers Remain,’ Says Expert
An expert from the Moscow Digital School, Maria Telegina, cautioned that there may be technological barriers hindering the use of digital assets in international payments. She also noted that the draft law does not address issues related to using cryptocurrencies for such payments. Despite this, Aksakov claimed that the legislation would help partially mitigate the impact of Western sanctions on the Russian economy.
Hot Take: Russian Parliament Embracing Digital Assets for International Payments
It seems that Russia is moving towards embracing digital assets for international payments. The parliament’s approval of legislation allowing the use of “digital financial assets” in foreign trade transactions could have significant implications for the country’s economy. By enabling firms to make use of digital assets in contracts and transactions, Russia aims to strengthen its trade relationships with other countries.
However, there are concerns about potential technological barriers that may hinder the implementation of this legislation. Experts suggest that the draft law does not address issues related to using cryptocurrencies for international payments, which could limit its effectiveness. Nonetheless, Russian lawmakers believe that this move will help mitigate the impact of Western sanctions on the country’s economy.
As Russia takes steps towards embracing digital assets, it joins other countries in exploring the potential of cryptocurrencies and digital fiats. The global landscape of international payments is evolving rapidly, and it will be interesting to see how these developments shape the future of cross-border transactions.
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