Russian Parliament Considers Legislation for Digital Financial Assets
Russian parliament members are considering legislation that would permit firms in the nation to use “digital financial assets” in international payments.
Russian Parliament ‘Could Vote on Law as Early as Feb 27’
The State Duma Committee on the Financial Markets approved new amendments to the draft law on February 21. The bill has already passed a first reading in the lower parliamentary house and requires a second reading before Senate approval.
- The proposed amendments include:
- Allowing the use of digital assets in foreign trade transactions between residents and non-residents of Russia.
- Permitting traders to use these assets in contracts and transactions.
Lawmakers are considering the use of terms like “digital financial assets” to encompass digital fiats, regulated stablecoins, digital securities, and commodities.
Impact of Sanctions and Expert Opinions
Anatoly Aksakov, the Chairman of the State Duma Committee on the Financial Markets, expressed that the draft law would help “partially mitigate” the impact of Western sanctions on the Russian economy. However, experts have cautioned that “technological barriers” may hinder the use of digital assets in international payments. Maria Telegina of the Moscow Digital School added that the bill does not address issues related to the use of cryptocurrency for international payments.
Despite potential obstacles, the proposed legislation could have significant implications for Russia’s role in the international payments space.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
