The bill, expected to sail through State Duma, makes it legal to sell mined digital assets on foreign platforms as well as locally starting January 2023.
As the U.S. fortifies its grip on the global financial system, Russia targets to give sanctions-hit countries an opportunity to carry out international business easily—by using CBDCs.
Following its approval to use digital assets in cross-border payments, Russia now has its eyes set on digital assets trading to address growing investors' demand and the changing economic landscape.
The head of Russia's State Duma Committee on financial markets, Anatoly Aksakov, has introduced the proposal to launch a regulated digital assets exchange for the Russian market.
The bill proposes to directly prohibit the use of digital financial assets and utilitarian digital rights as a payment method for transferring goods and services in Russia.
Anatoly Aksakov told local media that the government is considering two completely opposite approaches—a blanket ban or legalizing digital currency exchanges.