The Russian Ministry of Economic Development is drafting a law that will enable certain entities to carry out cryptocurrency transactions. This is according to reports from Russian media outlets.
Crypto transactions to be carried out by IT industry
The Russian government is looking to accept cryptocurrencies as a medium of transactions in certain areas of the economy. A draft law is currently being prepared which when implemented, will enable IT companies and those working with blockchain technology use cryptocurrencies for any transaction. The law is expected to be experimental for now and will be applied to a few regions for a start, possibly Kaliningrad or Tatarstan.
Anatoly Aksakov, Chairman, Parliamentary Financial Markets Committee commented that “The law on the regulatory sandbox, which I hope we’ll adopt during the spring [parliamentary] session, will allow either individual companies or a given industry to use crypto instruments in their economic turnover and business operations in certain regions.”
Crypto law to benefit Russian financial markets
The draft law when implemented will bring numerous benefits to the financial markets in the country. The law would enable them to check the viability of cryptocurrency transactions on a wider scale. It would also enable some companies and organizations to trade cryptocurrencies, making it possible for them to deal with foreign companies despite the US sanctions imposed on Russia.
This latest development comes just a few days after the country’s prime minister declared support for wider use of cryptocurrencies. He stated that cryptocurrencies shouldn’t be ignored due to the falling prices.
It is worthy to note that Russia has a significant percentage of people using cryptocurrencies (around 13 percent) and is becoming an attractive market for leading cryptocurrency exchanges.