Russia to Release a Draft Law Allowing Entities to Use Crypto for any Transaction

To find a way to outplay sanctions and enhance adoption of digital currency, Russia’s authorities are considering a new draft law which will allow certain businesses and entities to perform payments with the help of cryptos such as Bitcoin and Ethereum.

Crypto Spring   

According to Russian news agencies, the new draft law will enable certain companies or industries such as IT, AI, and those working with blockchain to use cryptos as a method of payment. The initiative has been curated by the Ministry of Economic Development and is characterized as being of experimental nature. The first regions to try a new regulation may become Kaliningrad and Tatarstan.   

“The law on the regulatory sandbox, which I hope we’ll adopt during the spring [parliamentary] session, will allow either individual companies or a given industry to use crypto instruments in their economic turnover and business operations in certain regions,” Anatoly Aksakov, the Chairman of the Parliamentary Financial Markets Committee, noted.   

As experts predict, this draft could bring a lot of benefit to the Russian market in the future. Digital currency adoption, amidst US sanctions, will help the country to attract more investments. Besides, it will allow checking for the wider viability of cryptocurrency transactions.   

No Reasons to “Bury” Crypto   

Last week, Prime Minister Dmitry Medvedev spoke very pleasantly of virtual coins that have been having tough times lately, with a bear market in full power. He also emphasized at a local economic forum, that such a critical point of crypto market’s development should not be a reason to “bury” crypto coins.   

“But sure, it is not a reason to bury them [cryptocurrencies]. There is both a bright side and a dark side here, as well as in any social phenomena and any economic institution. We should monitor carefully what is going on in the space,” Dmitry Medvedev claimed.   

In addition, the finance ministry’s Alexei Moiseyev sees potential growth in the blockchain industry, saying that it has positively changed over a short period of time. Moiseyev believes that virtual coins should not be considered only as a method of financial manipulations.