Anatoly Aksakov: “cryptocurrencies should not be used for payments in Russia”

Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, believes that cryptocurrencies should not be used for payments in Russia on a par with the Russian ruble.

In his interview, Aksakov explained that if digital currencies become the official means of payment in Russia, this could destroy the country’s financial system and destabilize the economy. Aksakov called cryptoassets a “digital code” that can be used to pay for goods in other countries, but not in Russia. Therefore, the Russian government has no plans to legalize cryptocurrencies as a payment alternative to the state currency.

According to Aksakov, the Law on Digital Financial Assets (DFA), signed by President Vladimir Putin at the end of July, clarified the industry and “established clear rules of the game”. This law will enter into force on January 1, 2021. 

Market participants will be able to apply new tools for their development at the international level, sell goods using the blockchain and attract investments from foreign partners. In addition, given the characteristics of the blockchain, this technology will allow to bypass economic sanctions and establish trade relations with foreign partners.

Earlier, Aksakov said that in the first half of next year, large commodity companies will start issuing their own stable cryptocurrencies. Last week it became known that Sberbank is also preparing to launch the Sbercoin stablecoin pegged to the Russian ruble.

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