Authorities of President Vladimir Putin’s government have assessed their position on operations with digital currencies
Anatoly Aksakovpresident of Financial Market Commission of the Lower House of the Russian Parliamentconfirmed that the major brokerages in the country are ready to work with Bitcoin (BTC) and other cryptocurrencies.
The president highlighted the news and said that they will be able to work once the use of these assets on Russian territory is legalized and regulated.
The official clarified that the Moscow Stock Exchangethe St. Petersburg Stock Exchange and the St. Petersburg International Commodity Exchangeare the entities that seem to have everything ready to grow with the emerging market.
Due to the war with Ukraine, in Russia economic sanctions imposed by the West for its invasion, the government authorities of Vladimir Poutine they reflected on their position on BTC and other cryptoassets.
Although President Putin recently signed a law confirming the banning of cryptocurrencies as a means of payment, how to regulate them and use them for international payments has been discussed within the Russian government.
A regulatory proposal for Bitcoin from the government
In a nod to the Kremlin, the Russian Prime Minister, Mikhail Mishustinasked the Ministry of Finance and to central bank develop a regulatory proposal, based on the development of the ecosystem of Bitcoin on Russian territory.
For the Russian MP, brokerages are ready to enter the world of crypto.
This application will integrate the issuance, circulation and exchange of these assets in this country.
This bill would be tabled no later than December 2022.
For Anatoly Aksakovthe aforementioned brokerages, are ready to be part of the cryptocurrency market when the legislation comes into effect.
The deputy pointed out that the Russian Duma has advanced the discussion of a draft law aimed at regulating the market and introducing the necessary reforms.
Aksakov exposed the uneven turn that has occurred in the Russian government, which, with an economy heading towards crisis, deprives the financial provisions or policies of the traditional fiat system.
Russia is already banned from using digital assets
The Russian President, Vladimir Poutineenacted a bill banning the use of digital assets, such as cryptocurrencies and NFTto pay for goods and services.
With this new measure, Russia prohibits the use of cryptocurrencies on its territory
Additionally, the new law also requires cryptocurrency exchanges and providers to reject transactions where digital transfers could be construed as a form of payment.
The new law establishes: “It is prohibited to transfer or accept digital financial assets in return for goods transferred, work performed, services rendered, as well as in any other way to assume payment for goods (works, services) for a digital financial asset, except as otherwise provided by federal law.
In January, the Bank of Russia proposed a complete ban on cryptocurrencies for payments or investments, while in February, the country’s Ministry of Finance presented a draft regulation of crypto, much like the new law: invest yes, do not use them.