Anatoly Aksakov, who chairs the State Duma Financial Market Committee, spoke about a proposed bill governing cross-border payments in cryptocurrencies. He indicated that the legislation could be approved in January or February and become effective in the following quarter. This assessment came from a recent interview he granted to the newspaper News.
He reiterated his expectation that lawmakers would reach a decision in the early part of the year, with the new rules set to take effect in the second quarter of 2023. Aksakov highlighted the important timing of the measure, emphasizing that its approach aims to balance innovation in digital finance with the need for regulatory clarity.
At present, the bill is under active review in the State Duma. Debates have intensified, with lawmakers examining how to address concerns that the legislation could create an uncontrolled outflow of capital from the country. Aksakov noted that this is a central point of contention among critics and supporters alike.
Participants in the ongoing discussions have proposed adding further safeguards to mitigate what some worry could become an unregulated channel for capital movement. The deputy indicated that several of these proposed safeguards are strong enough to warrant consideration during a second reading of the bill.
Aksakov also mentioned the possibility of imposing limits on cryptocurrency transactions if sanctions or other external pressures necessitate adjustments after legalization. He added that, given the distinctive characteristics of digital assets, it would be exceedingly difficult to influence every individual transaction in the crypto market.
The official also recalled that, while cryptocurrency may become a recognized legal instrument in the Russian Federation in the coming year, it would not be accepted as a general method for domestic payments. This stance reflects an intent to maintain a controlled and transparent financial environment while exploring the potential benefits of digital assets.
In summary, the chairman stressed that the bill represents a careful attempt to integrate digital currencies into the legal framework without compromising financial stability. He stressed the careful balance policymakers must strike between encouraging innovation and guarding against risks tied to cross-border capital movements and sanctions-related dynamics.