Aksakov: Recognising cryptocurrency as an official payments instrument would destabilise Russia’s financial system

The authorities do not envisage legalising cryptocurrencies as a payment alternative to the rouble, as that would destabilise Russia’s financial system, said Anatoly Aksakov, head of the State Duma Committee on the Financial Market, in an interview with RT.

“Cryptocurrency is a digital code that can be used as a means of paying for goods in global practice, but not on Russian territory,” he stressed.

The official said that the law passed this summer on digital financial assets will allow industry players to actively work with the new instrument and expand their opportunities to promote on international markets.

“Thanks to it, businesses can attract investment from foreign partners and sell their goods on the blockchain. And because of its technical features, blockchain can help circumvent sanctions, fostering trading links,” he said.

In late July, Russian President Vladimir Putin signed the Law “On Digital Financial Assets,” which will come into force on January 1, 2021.

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