Russia, facing severe sanctions following the invasion of Ukraine, is turning to Bitcoin and other cryptocurrencies to circumvent these restrictions. In this context, the country is taking measures to tighten control over the crypto sector.
New Digital Asset Regulations
The Central Bank of Russia is preparing to introduce new regulations for digital assets that are expected to take effect on May 26. These regulations could significantly affect Tether (USDT) trading in the country and restrict access to the cryptocurrency. The document includes a ban on digital assets issued by unfriendly countries and allows only assets from friendly nations.
Impact on Tether Usage in Russia
It is currently thought that Russian companies can continue to use stablecoins such as USDT for cross-border payments. However, using USDT for local payments is considered too risky, and restrictions may be imposed. Some experts note that a ban on the use of USDT in Russia could be introduced due to the new regulations.
Experts' Opinions on the Future of Cryptocurrencies in the Country
According to Mikhail Uspensky, a member of the Russian Virtual Asset Regulatory Committee, "Tether may be banned for use within Russia, as it does not meet the requirements of Russia's new digital asset regulations. However, stablecoins are not prohibited for use in international payments."
Thus, Russia is actively working to control the cryptocurrency sector in response to international sanctions, which may significantly alter the rules of the game for market participants and their opportunities.
