In Russia, the government is taking steps to debate a crypto regulation bill in the State Duma, the Russian parliament, before the end of July. Anatoly Aksakov, the Chair of the State Duma Committee on the Financial Markets stated that the adoption of the law will focus on the authorization of the use of cryptocurrencies for overseas payments and financial transactions. This move is beneficial to Russia, as it will help them to evade the Western sanctions placed on them in result of the war with Ukraine.

Despite the Central Bank's opinion to ban crypto-related activities, there is some allowance for the Russian firms to do international trade by swapping their crypto coins for fiat on trading platforms. Following this, some politicians have suggested the launch of a state-run crypto exchange in order to help importers and exporters. Aksakov pointed out that this would allow the country to pay for imported goods and carry out other operations with tokens.

At the current state, crypto trading and mining in Russia have no legal status and are not subjected to taxation. Last week, it was revealed that the Russian households are spending more on cryptocurrency than on gold and other precious metals. Lastly, the opinion of the Ministry of Finance is closely aligned to Aksakov in terms of the legalization of crypto infrastructure. Hence, there is discussion to progress the debate of the cryptographic legislation.



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