Crypto

Russia is at war with the whole world, but loves bitcoin to keep trading?

International cryptocurrency exchanges. All countries in the world are striving to regulate Bitcoin (BTC) and cryptocurrencies in their own way. In the United States, the SEC is committed to ensuring that all Ethereum (ETH) transactions are recognized as originating on American soil. This is done in order to better impose the extraterritoriality of their jurisdiction. On the Russian side, the government will invite companies to use bitcoins and cryptocurrencies for international trade.

Russian law allows companies to use cryptocurrencies

If in January 2022 the Central Bank of Russia tried to ban cryptocurrencies, the Russian Ministry of Finance quickly counteracted this. Since then, Bitcoin and others like it have become the subject of practical experiments in the economy and finance of the Slavic state.

For example, in July 2022, Sberbank issued digital bonds on the blockchain in the amount of 1 billion rubles. The operation was carried out by one of the subsidiaries – “SberFactoring” – its banking group. More recently, stablecoins have been mentioned. In particular, some of them may be backed by physical gold.

In this case, it is a bill that can promote the use of crypto assets. According to a publication by the Russian news agency Interfax published on September 19, 2022, this new law should give companies the right to make payments in cryptocurrencies.

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The choice is up to companies to determine which cryptocurrencies to use.

It was Ivan Chebeskov, head of the financial policy department of the Ministry of Finance, who revealed the content of the future law. This is more of a general authorization structure rather than mandatory rules:

“The Ministry of Finance has prepared a bill on digital currencies. (…) From point of view [crypto-]payments, we create a mechanism rather than a complete architecture for business. (…) With this bill, we give companies the opportunity to pay with cryptocurrencies. But in terms of which cryptocurrencies will be used, how to trade them with partners [étrangers]which countries it will work with: with all this, we leave the choice to entrepreneurs. »

A Russian government spokesman believes that companies are “best able” to determine for themselves which cryptocurrencies will be the most practical and reliable for their international exchange. Ivan Chebeskov also confirms that Western anti-Russian sanctions are accelerating the drive to de-dollarize international trade:

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

In addition to this legalization of payments in cryptoassets, by the end of the year, the legalization of Bitcoin mining and the like in Proof of Work (PoW) should also be implemented. Meanwhile, in the European Union, the troubled MiCA law is set to severely restrict (ban?) the crypto mining sector, among other restrictive pleasures.

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