The currency revolution is evolving and Cryptocurrencies are expected to rise considerably.
The ANatoly Aksakov, head of Financial Markets Committee of the Russian State Duma, stated on Sunday July 9, 2023 that the digital money could be used in foreign trade with the Russian economy.
Cryptocurrency will become legal tender subject to strict controls in Russia, as the use of digital assets is growing rapidly, he noted.
Aksakov emphasized that "cryptocurrency traders want to acquire legal activities, as they are ready to work within a legal territory, because foreign banks are sometimes afraid to do business with Russian banks and carry out commercial operations with Russian entities."
According to Aksakov, the digital currencies could be used in foreign trade transactions and it is necessary to establish controls to regulate their movement to avoid irregularities such as money laundering…
The use of digital currencies has been limited in Russia due to restrictive legislation, pincluding President Vladimir Putin's 2020 Law on Digital Financial Assets, which legalized cryptocurrencies but banned their use for goods and services.
Russia will seek to introduce a stable value system in the new legislation cfor Cryptocurrencies. This year, the Russia has become the second largest cryptocurrency mining country in the world.
With more than 420 million people worldwide already invested in the cryptocurrency market, Bitcoin is set to be used as a means of payment by more nations in the coming years.
Already, dcountries on different continents have adopted Bitcoin as legal tender, Iran and Saudi Arabia, and many others have introduced regulations in their financial system and treat the leading cryptocurrency as a commodity like crude oil and precious metals.