A new bill that has been recently proposed at the Russian Parliament for approval revolves around cross-border cryptocurrency transactions.

According to the reports, the bill seeks legislative approval, which would permit businesses and locals in Russia to make cross-border transactions using crypto.

The reason behind the Proposal

The bill also involves the cryptocurrencies that have been mined through the cryptocurrency mining centers.

The background of presenting the new bill is the constantly growing demand for cryptocurrencies in the cross-border sector.

A significant amount of growth has been recorded involving cryptocurrency transactions from Russia to international platforms.

Cryptocurrency transactions are based on blockchain networks that are decentralized in nature. Therefore, there is no boundary when it comes to making cross-border transactions.

This very reason makes it highly convenient for people to make international payments using cryptocurrencies. This way, people do not incur any extra charges other than the normal transaction fees.

As the demand for cryptocurrencies has continued rising for cross-border transactions, it was important that the Russian government had to deal with it.

The Russian government could either ban such transactions for good or it would support these transactions in a legal manner.

With the new bill being proposed at the parliament, it is confirmed that Russia has chosen the second option.

Statement by Anatoly Aksakov

It was Anatoly Aksakov, the parliamentary Financial Market Committee’s Chair who recently made a statement about the new bill.

In his statement, Anatoly Aksakov stated that if the bill is passed, then Russian locals and businesses would be able to legally interact with cryptocurrencies.

They will have the freedom of making international payments using cryptocurrencies and digital assets. This is going to be a huge convenience for the locals as they will be able to save up a lot of money.

The “out of the country” transactions would become quite easy and less expensive for the locals and businesses. This way, great developments would be recorded in the Russian crypto market sector.

The new bill would go on to legalize multiple aspects of the cryptocurrency market. It would authorize them to mine cryptocurrencies. The Russians would be able to work on the issuance of cryptocurrencies.

Most importantly, they would be able to work on the circulation of cryptocurrencies and be able to perform cross-border cryptocurrency transactions.

However, Aksakov has made it clear that cryptocurrencies would be used for the purpose of cross-border transactions. The cryptocurrencies will not be adopted to process local transactions.

The country has resorted to taking this step in order to deal with the financial crisis that is on the verge of a breakout.

This is because the EU has been imposing sanctions on the country due to its ongoing conflict with Ukraine.