Russian Lawmakers Pave Way for Digital Assets in International Payments

Anatoly Aksakov, Chairman of the Russian State Duma Committee on the Financial Market, envisions a shift towards digital financial assets as replacements for fiat channels in international settlements.

He emphasizes that institutions regulated by the central bank could leverage these assets for payments on a global scale as early as this year. With Russian President Vladimir Putin’s recent approval of a law governing digital financial assets for such transactions, Aksakov notes growing interest from various organizations in utilizing these mechanisms. He sees these digital tools as potential substitutes for current payment methods, which sometimes limit Russia’s market access.

Aksakov’s vision aligns with his earlier aims of utilizing these assets to circumvent economic sanctions, citing the law’s significance in minimizing external influence on payments. While acknowledging the existing use of cryptocurrencies for international payments without regulation, he underscores the need to establish control over these transactions. Meanwhile, Governor of the Bank of Russia Elvira Nabiullina signals the bank’s support for a law enabling international cryptocurrency payments, albeit under an experimental regime.

Clever Robot News Desk 20^th April 2024