Russia considers implementing cross-border cryptocurrency settlements in the second half of 2024.
Russia is making a bold move in the world of cryptocurrency, with plans to legalize cross-border transactions using digital currencies by the second half of 2024.
Anatoly Aksakov, the head of the State Duma’s Financial Market Committee, expressed his support for the proposal in an interview with Russian newspaper Izvestia, calling it an “absolutely right” idea. Aksakov even hinted that the sanctioned Russian stock exchange, SPB Exchange, could potentially serve as a third-party provider for these transactions, although he didn’t provide any further details.
This announcement comes after the US government targeted SPB Exchange in early November, as part of a larger effort to restrict Russia’s energy capabilities and combat sanctions evasion.
Russia has been exploring various methods to bypass Western sanctions, as these financial restrictions have severely limited the country’s ability to trade with Europe. In fact, crypto.news previously reported that SPB Exchange is prepared to list a range of cryptocurrencies, including Bitcoin (BTC), once the government officially legalizes the industry. Roman Goryunov, the exchange’s CEO, has expressed the goal of becoming the first trading platform in Russia to facilitate crypto trading, as soon as there is a clear regulatory framework in place.
As Russia continues to forge ahead with its plans for cryptocurrency adoption, it remains to be seen how these digital assets will shape the country’s financial landscape in the coming years.
