This recommendation comes as the country prepares for a parliamentary vote on new digital assets legislation.
According to Reuters, the proposed law, set to be reviewed by parliament on July 23rd, aims to address significant delays in international transactions. These delays have impacted Russia’s key trading partners, including China, India, the United Arab Emirates, and Turkey. Let’s discover more about this important news about crypto payments.
Proposed Law Aims to Fix International Transaction Delays
Under pressure from Western regulators, Russian banks have become cautious, causing challenges in international payments. These delays have affected trade flows and strained relationships with major global partners. The new legislation is expected to facilitate the use of cryptocurrencies for international transactions. This could help ease issues and maintain trade dynamics.
Source: X
Yuri Chekhanchin, head of Russia’s money laundering watchdog, emphasized the necessity of adopting cryptocurrency payment solutions, especially in situations involving sanctions. “This is a need for businesses, particularly when dealing with sanction mechanisms and entering the international market,” Chekhanchin stated. Cryptocurrencies could offer an alternative to traditional methods that struggle with complex international trade.
More About Russia & Crypto Payments
Despite the push for better international payment capabilities with cryptocurrencies, the new legislation is unlikely to change current restrictions. Cryptocurrency payments will remain restricted within Russia. Cryptocurrencies are not allowed for domestic transactions, and the new law is unlikely to change this.
The Central Bank of Russia has previously identified payment challenges as a major issue for the Russian economy, contributing to the ongoing discussions about digital asset regulations. The proposed legislation represents a step towards modernizing payment systems and addressing the gaps that have emerged due to increased scrutiny from international regulators.
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