Russia prepares law on the use of cryptocurrencies to circumvent sanctions

The Russian Ministry of Finance has presented a draft law on the regulation of cryptocurrencies, which includes a clause on the use of digital assets to pay for foreign trade contracts.

According toVedomosti, citing an unnamed federal official, the new version of the bill took into account comments from almost all relevant agencies, including the Interior Ministry. In particular, it is proposed to allow payment for goods and services of foreign contractors using cryptocurrencies.

Earlier, the Minister of Industry and Trade Denis Manturov announced similar plans. «Sooner or later, we will have to legalize such assets. However, before such a step, the government and the Central Bank should work together to develop a mechanism for effective regulation of the cryptocurrency industry,» the official said.

According to some analysts, such steps toward cryptocurrencies will not help the aggressor resolve the sanctions issue.