Russia is accelerating on cryptocurrencies. Cryptocurrency may be allowed for foreign trade, and a digital ruble may appear very soon.
Faced with financial sanctions imposed on it, Russia has decided to double or triple its integration of cryptocurrencies. The legalization of digital currencies in Russia is fast approaching. The Ministry of Finance has signed the corresponding bill. And he even added a very interesting article that would allow using cryptocurrencies to pay for the foreign economic activity of legal entities and individual entrepreneurs.
Russia is accelerating on cryptocurrencies
This amendment is in full agreement with the Ministry of Economic Development, the Ministry of Internal Affairs, the Ministry of Digital Development, the Federal Tax Service and the controlling organization Rosfinmonitoring.
Although Russia has ruled out the possibility of legalizing virtual currency, the adoption of such a measure will make cryptocurrencies an alternative currency for foreign trade. After the US and its allies began to restrict Russia’s access to the dollar, the move could be seen as an attempt to discredit the operation.
Cryptocurrency may be allowed for foreign trade
The Central Bank of the Russian Federation is not on the list of cryptocurrency supporters in Russia. Central Bank Chairman Elvira Nabiullina has long opposed the legalization of cryptocurrencies, although she seems to have changed her mind recently.
And the digital ruble may appear very soon
According to Forbes Russia, the central bank is now pushing for a pilot digital ruble project. Originally scheduled for launch in 2024, the new date is now April 2023. Testing has been underway since February. Olga Skorobogatova, the first vice-president of the Central Bank, said that payments will be free and available to Russians in all countries. The bank will also use smart contracts for its CBDC project.
Therefore, the main financial players of the country are pushing in different directions, but everyone is promoting the digitalization of the financial sector. And given that Russia’s main goal is to minimize the effects of sanctions imposed by the rest of the world, it is likely that these plans will develop even faster.