An arrangement permitting crypto payments in foreign trade has since been added to a draft law, expected to extensively direct Russia’s crypto sector. The bill “On Digital Currency” is probably going to be filed with the State Duma in September, Anatoly Aksakov, the head of the house’s Financial Market Committee, claimed this week.
The regulation has been postponed by the continuous debate on the fate of cryptocurrencies in the Russian Federation, which prompted various revisions in the past couple of months since it was put together by the Ministry of Finance in February. Aksakov told the Russian newspaper called Izvestia that lawmakers are presently inclining towards stricter rules for the crypto market.
However, as per RBC crypto, Elvira Nabiullina, the chair of the Bank of Russia has said that she is ready to accept cryptocurrency payments for international settlements but it should fulfil one condition— the payments do not “penetrate” the financial system of Russia. She also recommended that crypto should not be traded on organized marketplaces given their high volatility. She also said that it is very “risky” for investors.
“Cryptocurrency should not be traded on organized marketplaces because this asset is too volatile, too risky for potential investors.”
The Bank of Russia executive further said that coins listed on Russian exchanges must be compliant with all regulations designed to protect investors. She made it clear that the project behind the traded assets should have a responsible person, meet information disclosure requirements, and have an agenda/business model.