By Alicia Maher
A Russian parliamentary member, Anatoly Aksakov, has stated that Russian exchanges are waiting to start using cryptocurrencies. They are presently waiting for the authorities to legalize crypto usage for cross-border settlements.
Infrastructure To Use Crypto For Cross Border Payments Already Available
According to Anatoly Aksakov, the leader of the Financial Market Committee at Russia’s State Duma, Russian exchanges are waiting for regulators to give the go-ahead for crypto usage in foreign settlements.
Some entities are already working to provide the market for crypto usage. They include the Moscow Exchange, the St. Petersburg International Commodity Exchange, and St. Petersburg Exchange.
Also, Aksakov stated that the infrastructure to make this possible is readily available. The only setback now is legislation. Aksakov made this revelation while speaking with the Parlamentskaya Gazeta, the Federal Assembly’s official newspaper.
Furthermore, other crypto news sources, RBC Crypto and Bits.media, said that he pointed out that regulators are currently working on the legislation. The lawmaker concluded by saying the necessary bills could be available by November
Moreover, Russia turned to crypto after the numerous financial sanctions from the West. The sanctions were as a result of the country’s invasion of Ukraine.
The West banned Russian banks and financial institutions from using the SWIFT system for international payments. Hence, the government resolved to test the usage of crypto for cross-border payments.
Regulators Working On Bill For Crypto Usage In Foreign Payments
In the Middle of September, Mikhail Mishustin, the Prime Minister of Russia, gave an order. According to the order, Russia’s central bank and the finance ministry are to reach a compromise on crypto legislation.
The legislation will control the issuance, circulation, and usage of digital assets in Russia. In addition, it will regulate crypto mining and crypto usage for foreign settlements.
Last week, a report stated that the central bank of Russia and the Ministry of Finance had reached an agreement. This agreement was in respect to a bill that endorses crypto usage for international trade.
A report from Russian news media also stated that the country is working on a new mechanism. This mechanism would help facilitate the usage of crypto for international settlements.
According to reports, financial institutions in Moscow would soon unveil this mechanism. Meanwhile, Russian regulators are working to issue regulations for crypto usage for foreign settlement.
They also intend to control the circulation, issuance, and usage of digital assets before the year runs out. However, it is uncertain if the West will allow Russia to bypass sanctions using crypto.