According to the State Duma, Russia wants to legalize cryptocurrencies next year – primarily to mitigate the effects of Western sanctions. “(Cryptocurrency) can be well used in international payments,” said the head of the finance committee in the Duma, Anatoly Aksakov, according to the daily “Kommersant”.
It is about legally securing its use in order to secure the “parallel import”. The Russian authorities define the importation of goods without the express consent of the manufacturer as parallel imports.
Use of Bitcoin & Co. previously prohibited
Until now, the use of cryptocurrencies has been banned in Russia. The central bank was very skeptical about the phenomenon for years. In September, however, Prime Minister Mikhail Mishustin indicated that he had changed his mind. He announces that the competent authorities will agree on a unified position before the end of the year.
Western sanctions prohibit numerous products from entering Russia. In addition to armaments, these are mainly high-tech goods and components for the electronics industry, such as semiconductor chips, but also machines and systems. Russia is trying to get some of these goods from third countries.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
