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Russia’s Ambitious Plan to Legalize Crypto for Cross-Border Transactions by 2024

Russia is making significant strides in the world of cryptocurrency, with plans to legalize cross-border transactions in digital currencies by the second half of 2024.

The advancement in the cryptocurrency sector is gaining momentum as Anatoly Aksakov, the head of the State DumaÔÇÖs Financial Market Committee, expressed his support for using crypto in cross-border payments, calling it an “absolutely right” move.

“We will exert maximum effort to pass the law in the first reading in March [2024], and in April-May in the second reading. This way, in the second half of 2024, businesses will be able to conduct cross-border settlements with cryptocurrency legally.” – Anatoly Aksakov

The Russian government is not ruling out the possibility of the sanctioned Russian stock exchange, SPB Exchange, acting as a third-party provider in these operations, hinting at potential collaborations in the future.

In light of recent measures imposed by Washington to restrict Russia’s energy capabilities and tackle sanctions evasion, the focus has shifted toward the SPB Exchange, marking a strategic move in the ongoing geopolitical landscape.

Russia’s pursuit of alternative channels to bypass Western sanctions is a response to the financial restrictions that have limited the country’s trade prospects with Europe, prompting the exploration of cryptocurrency as a viable solution.

As part of its readiness to embrace the legalization of the crypto industry, SPB Exchange has announced its preparedness to list a diverse array of cryptocurrencies, including Bitcoin, upon the establishment of a clear regulatory framework. Roman Goryunov, the exchange’s head, aims for SPB Exchange to become the pioneering platform for cryptocurrency trading in Russia once regulatory clarity is achieved.

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