Russia would be smart to embrace cryptocurrencies and it is looks as if they are seriously considering doing just that.
RT:
Cryptocurrency will become legal tender subject to strict controls in Russia as the use of digital assets is growing rapidly, the head of the State Duma Committee on Financial Markets Anatoly Aksakov said on Saturday.
Cryptocurrency traders “want to be legalized” as they are “ready to work in a legal space because… [foreign] banks are sometimes afraid to interact with Russian banks and conduct settlements with Russia,” he said.
According to Aksakov, digital currencies could be used in foreign trade transactions and it is necessary to control their “movement” to avoid “irregularities.”
The use of digital currencies is limited in Russia due to restrictive legislation including President Vladimir Putin’s 2020 law on digital financial assets, which legalized cryptocurrencies but banned their use for goods and services.
However, Russia’s Finance Ministry has recently pointed to the benefits that digital currencies can offer, such as no correspondent accounts, instant transactions, and practically no compliance procedures, which should be taken into account in foreign trade.
While the Jews in the United States are actively trying to punish crypto exchanges, Russia is looking at further integrating crypto into their economy.
For a period of time it looked as if Russia was not going to embrace crypto but it is good to see that this is no longer the case. They need to show the world that it is better to do business with them versus the West and making crypto legal tender is helpful in that regard.
There’s already more economic freedom in Russia right now when you consider how the West blatantly abolished private property rights due to their anti-Russian hatred. The world has noticed this change and it is why the world is choosing to do deals with Russia and China because they are seen as much more reliable economic partners.
