Russian Businesses Want Crypto Payment Bill

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  • A group that acts on behalf of Russian businesses has proposed a bill to endorse crypto settlements
  • Russia’s Business Ombudsman, Boris Titov, has asked President Vladimir Putin to approve the bill
  • Russian businesses are already turning to digital assets following Western sanctions

Russia’s Business Ombudsman, Boris Titov, has reached out to President Vladimir Putin, seeking his support in the process of legalizing decentralized cryptocurrencies such as Bitcoin. Titov’s appeals were detailed in his annual report which was recently submitted to the President. The report, titled “Key Business Problems under Sanctions and Structural Transformation in 2023,” was prepared by the Institute of the Commissioner for the Protection of Rights of Entrepreneurs under the President of the Russian Federation and seeks the endorsement of cryptocurrencies for international settlements.

Report Calls for Cross-border Crypto Payments

The report’s authors propose introducing a dedicated bill that would permit cross-border cryptocurrency payments, enabling the utilization of digital currencies in transactions with foreign partners. They emphasize that in order to accomplish this, the legal status of such transactions must be clearly defined in Russian law.

The report also outlines a proposal pertaining to operators of digital asset trading platforms, envisioning the establishment of a system for mutual settlements or clearing, as well as the issuance of specialized digital currencies for this purpose.

Russia Looking for Ways to Bypass Sanctions

Russian governmental bodies and businesses have been actively seeking ways to bypass sanctions imposed by Western nations in response to Russia’s actions in Ukraine, and the notion of legalizing the use of cryptocurrencies for payments outside of Russia has gained considerable traction as a potential solution.

While several crypto-related bills are currently being reviewed in the State Duma, the lower house of the Russian parliament, authorities in Moscow have acknowledged that Russian companies are already utilizing cryptocurrencies for foreign trade, despite the absence of comprehensive regulation.