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 an official means of payment in Russia, it could destroy the country’s financial system and destabilize the economy. Aksakov called crypto assets a “digital code” that can be used to pay for goods in other countries, but not in Russia. Therefore, the Russian government does not plan to legalize cryptocurrencies as a payment alternative to the state currency.

According to Aksakov, the law on digital financial assets (CFA), signed by President Vladimir Putin in late July, brought clarity to the industry and “established clear rules of the game.” This law will come into force on January 1, 2021.

Market participants will be able to apply new tools for their development at the international level, sell products using blockchain and attract investment from foreign partners. In addition, given the characteristics of the blockchain, this technology will allow you to circumvent 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, linked to the Russian ruble.