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Russian Businesses Ask Putin to Help Legalize Crypto

Russian Businesses Ask Putin to Help Legalize Crypto

A body representing the interests of Russian businesses has called on president Putin to help with crypto legalization. Their proposals, including on the use of cryptocurrencies in foreign trade settlements, have been included in a report to Russia’s head of state.

Companies Urge President Putin to Support Legalization of Crypto Payments

Russian businesses are seeking help from the Kremlin in efforts to legalize decentralized cryptocurrencies like bitcoin. Their request has been included in the annual report of Russia’s Business Ombudsman, Boris Titov, to president Vladimir Putin.

The recommendations were laid out in a paper titled “Key Business Problems under Sanctions and Structural Transformation in 2023” produced by the Institute of the Commissioner for the Protection of Rights of Entrepreneurs under the President of the Russian Federation.

Among other suggestions, the authors urge for allowing the use of cryptocurrencies in international settlements. More specifically, they propose to legalize cross-border crypto payments with a dedicated bill so that cryptocurrencies can be used in dealings with partners abroad. To achieve that, the status of such transactions needs to be determined in Russian law, they insist.

Another of their initiatives concerns the operators of trading platforms for digital assets, RBC Crypto reported. It envisages the establishment of a system for mutual settlements or clearing as well as the issuance of special digital currencies for these purposes.

Pressed by financial restrictions and other penalties imposed by the West over the invasion of Ukraine, Russian government authorities and businesses have been exploring ways to circumvent sanctions. The idea to legalize the use of cryptocurrencies for payments outside Russia has been gaining support.

Several crypto-related bills are currently under review in the State Duma, the lower house of Russian parliament, but officials in Moscow recently admitted that Russian companies are already employing crypto in foreign trade despite the absence of regulation.

This is not the first time Russian companies lobby for crypto legalization. In late 2022, IT firms from the association of Russian software developers, Russoft, asked to be allowed to make and accept payments in cryptocurrency when working for foreign clients.

Do you think the Russian government will legalize international crypto payments in the near future? Tell us in the comments section below.

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