Russian draft law would allow certain businesses to use crypto as payment

24 Jan, 2019
by Richard Allen
Regulation
Russian draft law would allow certain businesses to use crypto as payment

Russian authorities are reportedly considering a new draft law that would see certain companies use cryptocurrencies like Bitcoin and Ethereum to perform payments, Coin Idol reports.

Curated by the Ministry of Economic Development, the draft would allow certain businesses and industries like IT, AI and those involved in blockchain to utilize cryptocurrencies as a form of payment. While not confirmed, the first regions to trial the experimental draft are expected to be Kaliningrad and Tatarstan.

Chairman of the Parliamentary Financial Markets Committee, Anatoly Aksakov stated,  “The law on the regulatory sandbox, which I hope we’ll adopt during the spring [parliamentary] session, will allow either individual companies or a given industry to use crypto instruments in their economic turnover and business operations in certain regions.”

Amid US sanctions, experts predict the draft would uplift the country as the adoption of digital currencies would attract a host of new investors.

Additionally, Russia’s deputy finance minister, Alexei Moiseev recently confirmed that using crypto debit cards is now completely legal.

Read more: Will Russia inject $10 billion into Bitcoin?; Russian economist reaffirms rumors

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