Russia at war with the world but in love with Bitcoin to keep trading?

International Crypto Exchanges – All the countries of the world seek to regulate bitcoin (BTC) and cryptocurrencies in their sauce. To United Statesthe SEC seeks recognition of all transactions on Ethereum (ETH) as taking place on American soil. This for better impose extraterritoriality of its jurisdiction. On the side of the Russiathe government will offer companies to use Bitcoin and cryptos for the international trade.

A Russian law to authorize companies to use cryptocurrencies

If in January 2022, the Central Bank of Russia tried to do banish cryptocurrencies, the Russian Ministry of Finance quickly countered it. Since then, Bitcoin and its ilk have been rather the subject ofpractical experiments in the economy and finance of the Slavic state.

In July 2022, the Sberbank has for example issued for 1 billion rubles of digital bonds on blockchain. It is one of the subsidiaries – SberFactoring – its banking group, which carried out the operation. More recently, stablecoins have been mentioned. Especially some who might lean against physical gold.

In the present case, it is a Law proposition which could promote the use of crypto-assets. According to one publication of the Russian news agency Interfax published on September 19, 2022, this new legislation should give companies the right to make payments in cryptocurrency.

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The choice left to companies to determine which crypto(s) to use

He is the head of the financial policy department of the Ministry of Finance, Ivan Chebeskov, which revealed the content of this future law. It is more of a general authorization framework, rather than binding rules:

“The Ministry of Finance has drafted a bill on digital currencies. (…) In terms of [crypto-]payments, we are creating more of a mechanism than a complete architecture for businesses. (…) We are giving companies the possibility, with this bill, to pay with cryptocurrencies. But in terms of what cryptocurrencies will be used, how to trade them with partners [étrangers], with which countries it will work: for all this, we leave the choice to entrepreneurs. »

The representative of the Russian government indeed considers that companies are “best placed” to determine for themselves which cryptocurrencies will be the most practice and reliable to be used for their international trade. Ivan Chebeskov also confirms that the anti-Russian sanctions from the West accelerate the desire for dedollarization in international trade:

“Current restrictions encourage us to use these technologies [blockchains]. Especially as a new international payment mechanism. (…). »

In addition to this legalization of payments in crypto-assets, the legalization of mining Bitcoin and its Proof of Work (PoW) siblings are also expected to be in place by the end of the year. During this time, in European Union, the MiCA Law issue is about to severely handicap (ban?) the crypto-mining sector, among other restrictive things.

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