Will 2023 be the beginning of the adoption of cryptocurrencies by Russia? and if so, what will they be?

Photo by Дмитрий Трепольский: https://www.pexels.com/photo/the-famous-saint-basil-s-cathedral-in-russia-8285167/
 Russia plans to legalize cryptocurrencies next year, according to sources in the Russian State Duma, with the main aim of softening the impact of Western sanctions.

"In international payments, (cryptocurrency) can be used well," Anatoly Akshakov, head of the State Duma's economic affairs committee, said today, according to Russia's Kommersant newspaper.

This government's new action  is a legal guarantee of their use to ensure "parallel import."

Parallel import is the new term used by the Russian authorities to describe the importation of goods without the express permission of the manufacturers.

To date, the use of cryptocurrencies is prohibited in Russia.

Russia's central bank has been skeptical of their use for years.

In September 2022, however, Russian Prime Minister Mikhail Mishustin showed a change of heart.

He announced that the relevant Russian authorities would agree on a single position by the end of the year.

Western sanctions against Moscow over its invasion of Ukraine ban the import of many products into Russia.

  In addition to military hardware, the sanctions mainly concern high-tech products and components for the electronics industry, such as semiconductors, machinery, and equipment.

Billy Kasis, Pro Blog writer 2022

@videostudio2023