Cryptocurrency news today from Russia caused a brief stir of excitement. Many are asking, “Is a new era starting in Russia?” This week, Russian parliament members could approve legislation allowing domestic companies to use “digital financial assets” for international payments. According to reports, while the draft law excludes cryptocurrencies, many Russian firms are already using tokens like Bitcoin to trade with overseas partners.
Vote Scheduled for Today
The State Duma’s Financial Market Committee, which indicated they could vote on the law as early as February 27, has approved the new amendments to the bill. However, the second reading of the proposal must take place before Senate approval.
These amendments propose allowing the use of digital assets in foreign trade transactions between residents and non-residents of Russia. Moreover, the change aims to enable individuals or institutions conducting commercial transactions to benefit from these assets in contracts and operations.
Expressions with Different Concepts
In the past, Russian politicians have used terms like “digital assets” and “digital financial assets” to refer to everything from Bitcoin to altcoins, CBDCs, stablecoins, and digitized commodities. However, Committee Chairman Anatoly Aksakov implied that politicians now use “DFAs” to refer to legally regulated stablecoins issued by banks, alongside digital fiat like the digital ruble.
Aksakov stated that lawmakers want to expedite the second reading of the bill on February 27. They argue that this move could help Russian importers and exporters work more actively with friendly countries.
Bitcoin and Cryptocurrencies Not Included
Experts are cautious about technological barriers that may hinder the use of digital assets in international payments. Maria Telegina from the Moscow Digital School points out that the law does not address the use of cryptocurrencies for international payments.
The US, EU, UK, and other countries announced new sanctions against Russia this month as the war in Ukraine continues. Moscow claims that its rapidly implemented digital ruble project will help eliminate dollar-denominated trade.
Russia’s key allies like Belarus and Kazakhstan are also accelerating their CBDC efforts. Moscow claims that its Central Bank Digital Currency could be “compatible” with China’s digital yuan.
