Saturday, July 20, 2024

Anatoly Aksakov, the chairman of the Financial Markets Committee in the Russian State Duma, has provided an update on the legalization of cryptocurrency in Russia and the government’s approach to regulating it. Local reports suggest that Aksakov indicated the implementation of stringent measures for crypto transactions and service providers.

Aksakov stated that cryptocurrency would be officially legalized, but its operations would be subject to significant control to prevent any misuse. He emphasized the need for regulations to ensure responsible use of crypto assets.

Additionally, Aksakov highlighted the anticipation among Russian cryptocurrency users for the legalization, as it would facilitate easier access to crypto for various purposes, including international settlements. The chairman explained that individuals were eager to operate within the legal framework, as foreign banks sometimes express caution when engaging with Russian banks or conducting transactions with Russia.

Aksakov has previously advocated for the identification of cryptocurrency holders in Russia to establish taxation rules, provide certain rights to owners, and offer market protection.

Utilizing Crypto for International Trade and Sanctions Avoidance

Aksakov emphasized the importance of cryptocurrency as a tool to expedite international trade. The Central Bank of Russia (CBR) recently announced its plans to conduct pilot tests for cross-border settlements using digital and central bank digital currencies (CBDCs). These settlements aim to streamline international transactions but will not be available domestically.

In this context, Aksakov mentioned the use of cryptocurrency exchanges for cross-border settlements, including bypassing sanctions restrictions. However, he cautioned that new restrictions could be introduced against such exchanges. Notably, Russia has abandoned the idea of establishing a national cryptocurrency exchange.

Aksakov expects a bill regulating cryptocurrency to be passed by October, with previous expectations of four crypto-related laws being passed during the State Duma’s spring session, concluding on July 30.

What are your thoughts on Anatoly Aksakov’s statements regarding the Russian government’s planned ‘serious’ control over the crypto market after its legalization? Share your opinions in the comments below.

Frequently Asked Questions (FAQs) about government control over crypto

What is the update on the Russian government’s control over cryptocurrency?

Anatoly Aksakov, Chairman of the Financial Markets Committee in the Russian State Duma, has provided an update on the government’s plans for cryptocurrency control after legalization. He stated that there would be “serious” control over crypto to prevent abuse and misuse.

What are the expectations regarding the legalization of cryptocurrency in Russia?

The expectation is that cryptocurrency will be officially legalized in Russia. Users are looking forward to this legalization as it would enable easier access to crypto assets, including using them for international settlements and avoiding banking-related issues.

What role does cryptocurrency play in international trade and sanctions avoidance?

Cryptocurrency is seen as a tool to expedite international trade. The Russian Central Bank plans to run pilot tests for cross-border settlements using digital and central bank digital currencies (CBDCs). These settlements aim to facilitate international transactions. Moreover, cryptocurrency exchanges could potentially be utilized for cross-border settlements, including bypassing sanctions restrictions.

When can we expect regulations for cryptocurrency in Russia?

Anatoly Aksakov expects a bill regulating cryptocurrency to be passed by October. Previously, there were expectations of passing four crypto-related laws during the State Duma’s spring session, which concludes on July 30.

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4 comments

CryptoGuru007 June 28, 2023 - 4:41 pm

wow! russia legalizing cryptocurrency. finally! but control will be “serious”. good to prevent abuse, but hope it doesn’t stifle innovation. let’s see how it plays out.

Reply
DigitalNomad89 June 28, 2023 - 6:34 pm

so, crypto will be legalized in russia. users excited for easier access. banks sometimes wary of russia, crypto can help. hope regulations are fair and protect investors. looking forward to the bill in october!

Reply
BlockchainFanatic June 28, 2023 - 7:38 pm

aksakov highlights importance of crypto for international trade. bypassing sanctions using crypto exchanges? interesting! russia making moves in the crypto space. regulations coming soon. exciting times ahead!

Reply
CryptoEnthusiast123 June 29, 2023 - 6:18 am

anatoly aksakov’s remarks show russia serious control over crypto after legalization. good move. users can use it for international settlements, avoid banking issues. they ready for it!

Reply

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