Anatoly Aksakov, the chairman of the Financial Markets Committee of the Russian State Duma, has provided an update on the legalization of cryptocurrencies in Russia. He suggested that there will be tight regulations on crypto transactions and service providers to prevent abuse. Aksakov also mentioned that cryptocurrency users in Russia are looking forward to the legalization, as it will allow for easier use of crypto in settling international transactions and avoiding banking problems. He has previously supported the identification of cryptocurrency holders in Russia to establish taxation and rights for them. Aksakov emphasized the importance of using crypto to expedite international trade and mentioned that the Central Bank of Russia plans to pilot tests of cross-border settlements using digital currencies. He expects a bill regulating crypto to be passed by October.
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