As the asset has continued to grow this year, Russia is reportedly proposing to allow Bitcoin and crypto trading for certain investors. Indeed, the Russian Finance Ministry has reportedly sought to allow trading of the asset for “specially qualified” investors.
The decision is connected to the country’s attempt to increase international settlements in cryptocurrencies. In 2022, Moscow released a Consultation Paper that proposed the banning of all crypto trading and mining. Moreover, a bill was introduced to ban domestic operations of cryptocurrency exchanges earlier this year.
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Russia Seeking to Allow Crypto Trading, for Certain Investors
Russia continues to look for ways around US sanctions, and dollar weaponization, with crypto becoming a viable alternative. Subsequently, Russia and its Finance Ministry is seeking to allow Bitcoin and other cryptocurrencies to be traded by specific investors.
The country’s Finance Ministry has crafted a draft response to two proposed laws. These legislations regulate both crypto mining and digital asset settlement. Moreover, they have suggested the allowance of foreign economic activity (FEA) participants to use crypto settlements. That would then classify them as a currency value.
Also Read: Russia Eyes Legalizing Stablecoin Payments For Global Trade
The ministry does propose that exchanges and platforms officially registered will be the only ones allowed to trade cryptocurrencies. This would mean that FEA investors are able to use crypto settlements, with Russian exchanges only allowing certain investors.
The Russian Central Bank currently does not allow its citizens to use crypto for payments. The current legislation, however, doesn’t permit the purchase of these tokens on foreign exchanges. Things are quickly changing.
The country has already proposed the legalization of stablecoins in international settlements. That could be huge for the country’s economy. It would provide more avenues for the nation to curtail sanctions, and find alternate settlement assets.