Russia Plans Crypto Legalization & BRICS Experimentation

In a recent interview with the Russian newspaper Izvestia, Anatoly Aksakov revealed plans to legalize cross-border crypto transactions no later than late 2024. He is Chairman of Russia’s State Duma Committee on Financial Market. This proposed initiative makes it possible to take advantage of the platform of the St. Petersburg Exchange, and these matters are currently under discussion.

According to a senior official, Russia is preparing to legalize cryptocurrency transactions and experiment with digital currency among BRICS countries.

Aksakov said the legislation was delayed due to difficulties coordinating various institutions, such as the ministries of finance and economy, the central bank, and law enforcement agencies. He hopes to resolve the issues in January and pass the law in March and April.

The official also announced plans to legalize cross-border cryptocurrency transactions by the second half of 2024, with St. Petersburg Exchange as a platform. He explained that this initiative promotes international settlement with digital assets.

BRICS To Test Crypto Currency In 2025–2026

In addition, Aksakov disclosed intentions to experiment with using digital currency among BRICS countries, including Brazil, Russia, India, China, and South Africa. He said the project will start in 2025–2026 and involve mutual settlements between the participating nations using a common digital currency.

Aksakov emphasized that cryptocurrencies are ideal for international payments because they save time and effort while providing more security. He further stated that the Russian cryptocurrency market is big and needs regulation.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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