Russian Firms Appeal to President Putin for Crypto Support and Legalization for International Settlements
Russian President Vladimir Putin has received a request to assist in the legalization of cryptocurrency payment businesses. The request was made through the annual report of Russia’s Business Ombudsman, Boris Titov, who operates from the Kremlin.
In Russia, cryptocurrencies such as Bitcoin (BTC) are decentralized and have not yet been legalized. However, ongoing efforts are being made to legalize them. The request made to President Putin specifically pertains to enabling cross-border transactions for international cryptocurrency payments and establishing legal frameworks within Russia to facilitate these partnerships abroad.
The requests and considerations mentioned above are part of the document titled ‘Key Business Problems Under Sanctions and Structural Transformation in 2023’. It is worth noting that Russian firms are currently engaged in foreign trade activities without specific regulations in place. In light of this, there is a growing need for the operation of digital asset trading to enable mutual settlements and address this concern effectively.
The ongoing conflict in Ukraine has led to restrictions in Russia’s financial sectors. To overcome these limitations and facilitate cross-border transactions, the legalization of cryptocurrencies is being advocated. Russian firms have already expressed their urgency for crypto legalization in 2022, particularly in relation to crypto payments associated with Russian software developers working for foreign clients. This highlights the need to establish a legal framework for crypto operations in Russia.
Also Read This Related: Russia Chooses Crypto Regulations Instead of National Exchange
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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