The Russian Parliament is set to vote on a bill aimed at allowing the use of digital assets in international payments: cryptocurrencies not mentioned.
According to reports from RBC, despite the use of the term “digital financial assets” (DFAs), the bill excludes cryptocurrencies. The draft has already passed a first reading in the lower house of the Russian Parliament and is currently awaiting a second reading before approval by the Senate.
The latest amendments to the draft would authorize both Russian residents and non-residents to use “digital financial assets” in international trade transactions and contracts.
The term “digital financial assets” has been previously used by Russian politicians to refer to a wide variety of digital currency forms, from Bitcoin to stablecoins. However, as Anatoly Aksakov, head of the State Duma Committee on Financial Markets, stated, Russian politicians now use the abbreviation “DFA” to refer to specific digital currencies such as the digital ruble or stablecoins issued by banking institutions. Currently, under Russian law, cryptocurrencies do not represent a “digital financial asset.”
Aksakov further stated:
“The use of digital assets in foreign trade operations will help Russian importers and exporters work more actively with friendly countries.”
He also noted how this approach could partially mitigate the impact of sanctions from the United States, European Union, and United Kingdom.
According to Moscow, the issuance and spread of the digital ruble will contribute to eliminating a portion of dollar-denominated trade. Allied countries such as Belarus, Kazakhstan, and China will be able to intensify their exchanges and financial transactions.
