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Russia Plans to Legalize Crypto for Cross-Border Settlements by Late 2024

Russia is making significant strides toward embracing cryptocurrencies by aiming to legalize cross-border transactions using digital currencies by the latter half of 2024.

Anatoly Aksakov, head of the State Duma’s Financial Market Committee, expressed strong support for the proposal to utilize crypto for cross-border payments, stating that the concept is “absolutely right.”

“We will put in 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

While Aksakov didn’t delve into specifics, he hinted that the sanctioned Russian stock exchange, SPB Exchange, could potentially serve as a third-party provider for these operations.

However, details regarding SPB Exchange’s role in these initiatives were not disclosed by Aksakov.

Amidst increasing restrictions affecting Russia’s energy capabilities and sanctions evasion issues, SPB Exchange came into focus for Washington in early November.

Given the limitations posed by financial restrictions in trading with Europe, Russia has been exploring various avenues to bypass Western sanctions.

As per earlier reports in mid-October, SPB Exchange is poised to list a range of cryptocurrencies, including Bitcoin (BTC), once the government formalizes the industry’s legality. The platform’s chief, Roman Goryunov, aims for SPB Exchange to become the first trading platform facilitating crypto trading in Russia upon the establishment of a clear regulatory framework for digital currencies.

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