Cryptocurrencies and NFTs in Russia for Foreign Trade
No matter how cynical it may sound, but the sanctions pressure on Russia in 2022 turned out to be just perfect opporunity for crypto enthusiasts in Russia. It is precisely because of the disconnection of Russian banks from SWIFT, the departure of international payment systems, including Visa and Mastercard, that the Russian authorities began to move towards the legalization of cryptocurrencies.
In one of our June articles, we already wrote about the struggle between the Central Bank and the Ministry of Finance regarding the legalization of cryptocurrencies in Russia. In short, even before the sanctions, the Central Bank called for a ban on cryptocurrencies in the Russian Federation, and the Ministry of Finance opposed the ban. The Ministry of Finance has developed a bill “On Digital Currencies”, which, among other things, included the possibility of allowing the use of digital currencies as a means of payment in foreign economic activity. Over time, the Central Bank was forced to make concessions due to the same issue of cross-border payments.
Legalization of cross-border payments in cryptocurrency
TASS, referring to an interview with Russia 24 channel, refers to the position of Deputy Finance Minister Alexei Moiseev: despite difference in approaches to regulating cryptocurrencies, the Central Bank and the Ministry of Finance agreed that in the current realities, cross-border payments in cryptocurrencies cannot be dispensed with. However, the Russian Foreign Ministry spoke about the growing role of cryptocurrencies in international settlements as early as 2021.
There is another side to the issue — simply, most of the crypto-wallets created by Russians are created outside the Russian Federation and therefore beyond the reach of domestic regulators.
Authorities in the Russian Federation go towards cryptocurrencies not because they want to move in line with progressive trends, but out of necessity — they need an opportunity for international payments under sanctions, they need to make the crypto market in Russia supervised and taxed.
Future
In fact, the future of cryptocurrencies and NFTs in Russia looks very optimistic. For example, in early October, Sberbank plans to open access to everyone to a platform on which it will be possible to issue digital financial assets (DFA), and by the end of the year it is planned to launch the NFT.
The state has come to realize the need to legalize operations with cryptocurrency. This is also good news for people who are ready to create and invest in cryptocurrencies and NFT marketplaces in Russia, as they can count on a softer legal framework and government support.
The state needs supervised companies that would consistently pay taxes and create domestic digital ecosystems. Many clients and investors will also find it easier to deal with crypto companies that operate within a clear legal framework.
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