Good news came from Russia, which has been making plans for a long time regarding the use and legalization of Bitcoin (BTC) and cryptocurrencies.
Russia’s Ministry of Finance and the Central Bank agreed on October 21 to legalize the use of cryptocurrencies in foreign trade and enact relevant legislation, Finance Minister Anton Siluanov said, according to local Russian news agency Izvestia.
Siluanov emphasized that the use of cryptocurrencies in payments is an important area of research, as they not only facilitate payments but also attract new capital to the country. Therefore, according to Siluanov, strengthening the oversight functions of regulatory bodies will be crucial along with the legalization of this market.
“We believe that this field should be legalized and this area of activity should be legally regulated.
With the agreement of the two official institutions, the legal basis for the use of cryptocurrency in foreign trade will be established and officially regulated.
Industry observers interpreted this move as Russia’s attempt to use cryptocurrencies at the national level to circumvent Western sanctions on foreign exchange and payment systems.
Finance Minister Siluanov announced last year that companies in the country had begun using Bitcoin in foreign trade. While Siluanov stated that BTC and cryptocurrencies were being used in foreign trade, this practice remained limited and uncertain.
However, with the latest move, the use of Bitcoin and cryptocurrencies in international trade will be brought to legal ground.
*This is not investment advice.
Continue Reading: Russia Finally Reaches Agreement on Bitcoin (BTC) and Cryptocurrencies! “Long-Awaited!”
