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The Russian parliament will approve the use of “digital assets” in international payments.

This could encourage further development of blockchain infrastructure in Russia and increase confidence in digital technologies in the financial sector.

Date: 2024-02-26 Author: Łukasz Michałek
The Russian parliament will approve the use of “digital assets” in international payments.

Russia ‘s parliamentarians could approve legislation this week allowing domestic companies to use “digital financial assets” in the international payments space. Although many Russian companies already use tokens such as Bitcoin (BTC) to trade with foreign partners, RBC says the bill excludes cryptocurrencies.

on February 21, the State Duma’s Financial Markets Committee adopted new amendments to the bill. The bill must pass its first reading in the lower house of parliament before it can be approved by the Senate.

“Allowing “the use of digital assets in foreign trade transactions between [Russian] residents and non-residents” was included in the amendments. In addition, they suggest that traders be allowed to “use these assets in contracts and transactions.”

In the past, politicians have used the words “digitalassets” and “digitalfinancial assets” (DFA) to describe a whole range of products, from Bitcoin to altcoins, CBDCs, stablecoins, commodities and digital coins.

However, Anatoly Aksakov, chairman of the Committee, said Russian politicians are now using the term “DFA” to refer to digital fiat instruments, such as the digital ruble, as well as regulated stablecoin coins that banks issue.

The term is also used by lawmakers to describe commodities and digital securities. Tokens such as BTC are usually referred to as “cryptocurrencies” or “private cryptocurrencies.”

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Aksakov said he wants lawmakers to speed up the second reading of the bill at the Russian parliament’s plenary session on February 27. In his Telegram post, Aksakov wrote:

“Russian importers and exporters will be able to cooperate more actively with friendly countries if they use digital resources in foreign trade operations.”

This month , the United States, the European Union, the United Kingdom and other countries announced new sanctions on Russia over the ongoing war in Ukraine. However, Moscow says its fast-tracked digital ruble plan will help it reduce trade in dollars.

Russia’s allies, such as Belarus and Kazakhstan, are also stepping up their CBDC efforts. Moscow says China’s digital yuan could be “compatible” with its coin. However, experts were cautious about the bill. Maria Telegina of the Moscow Digital School says a “technological barrier” could prevent “the use of digital assets in international payments.”

“In no way does the bill regulate the use of cryptocurrency for international payments,” Telegina said.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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