December 5, 2022

Anatoly Aksakov: “Russian exchanges are ready to launch international crypto payments”

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Anatoly Aksakov: “Russian exchanges are ready to launch international crypto payments”

Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market of the Russian Federation, said that Russian stock exchanges have all the resources to launch international cryptocurrency payments.

Anatoly Aksakov stated that the problem isthe absence of effective legislation regulating the use of cryptocurrencies in international payment transactions. Moscow Exchange, St. Petersburg Exchange and St. Petersburg International Commodity Exchange have been exploring cross-border payments in cryptocurrency for a long time and are ready to launch them in a short time, since the infrastructure is completely ready. Aksakov noted that the wait was not long - the standards are now being actively studied, and the legislation will be ready in November.

Recently, Russian Prime Minister Mikhail Mishustinsaid that in the current situation and the conditions of large-scale financial sanctions imposed on Russia by Western countries, it is digital financial assets (DFAs) that can help bypass the restrictions. He instructed a number of government ministries and departments to prepare their proposals on this issue. After the government announced the need to introduce DFA for international payments, the Central Bank specified that the digital ruble would be used for these payments.

Earlier, the Russian technology company Rostec announced that it would develop a project to integrate cryptocurrencies into cross-border trade to reduce sanctions pressure on exporters and importers.