Russian President Putin is reached by Russian firms for crypto support.

Cryptocurrencies like BTC need to be legalized for international settlements.

Russian President Vladimir Putin has been asked to help with the legalization of crypto payment businesses. The request is approached through the annual report of Russia’s Business Ombudsman, Boris Titov from the Kremlin. 

However, cryptocurrencies like Bitcoin (BTC) and others are decentralized and it hasn’t yet been legalized in Russia so far. Also, the efforts to legalize them are still in process. Furthermore, the request encloses the cross-border actions meant for international crypto payments with abroad partnerships. This has to be achieved through legalized Russian law. 

All of these request considerations are proposed through ‘Key Business Problems Under Sanctions and Structural Transformation in 2023’. Meanwhile, to mention, Russian firms are involved in foreign trade without the regulations already. Additionally, digital asset trading should be operated over this concern for mutual settlements. 

Moreover, the Ukraine war has created certain restrictions on the financial sectors in Russia. And, overcoming this needs crypto legalization which brings back support across the cross-border invasion. Crypto legalization in Russia is urged by Russian firms already, back in the year 2022. This is concerning the crypto payments involved in the association of Russian software developers when they worked for foreign clients.  

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Filed under: Bitcoin - @ June 2, 2023 3:30 am