Despite Russian authorities' staunchness against cryptocurrencies, some of the business in the country are already employing digital assets for transfers and payments. According to Anatoly Aksakov, the Chair of the State Duma Committee on the Financial Markets, large Russian companies already use cryptocurrency for paying for imports and receiving payments from buying their exports. Aksakov highlights that businesses believe they are acting within the law. Furthermore, United States and EU sanctions have blocked Russian companies from dollar-oriented trade and this alternative offers a way for them to circumvent those restrictions.

Although the Central Bank of Russia agrees with allowing firms to deal with cryptocurrency but require valid confirmation that the crypto used in these deals will be sold for fiat currency abroad. Their main goal is to prevent any form of cryptocurrency entering Russian economy and rather prioritize the launching of a digital ruble. Lawmakers have quickened the process of forming regulations on the crypto industry, according to which, crypto mining will be legalized while unregistered one will be banned. Additionally, profits earned through crypto mining will be subjected to taxation.

Russia’s stance on cryptocurrency is gradually shifting to the greener side however, it’s too soon to be certain whether full-fledged acceptance of cryptocurrencies is a foreseeable future for the nation.



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