Russia wants to circumvent Western sanctions with cryptocurrencies

Russia wants to circumvent Western sanctions with cryptocurrencies



Elvira Nabiullina, Anatoly Aksakov

The head of the Russian central bank and the head of the Duma’s financial market committee are making a U-turn in their crypto strategy.

(Photo: IMAGO/SNA)

Riga In times of war economy, Moscow is discovering the benefits of digital currencies for itself: the head of the Kremlin was still in the summer of 2021 Wladimir Putin signed a law that largely bans the use of cryptocurrencies as a means of payment. But now the State Duma wants to legalize the so-called mining, i.e. the creation of crypto currencies, as well as the sale of such newly created crypto values ​​- with restrictions.

Anatoly Aksakov, chairman of the Duma’s financial market committee, outlines the prospects: He assumes that the corresponding law will be passed in January or February, he told the pro-government Russian daily “Isvestia”.

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