Russian Legal Experts Expect Crypto Revolution in 2024
2024 is heralded as a turning point for the use of cryptocurrencies and central bank digital currencies (CBDCs) in cross-border payments, according to legal and tech experts in Russia. These experts anticipate a significant shift towards the use of digital assets for cross-border transactions in the coming year.
Andrey Tugarin, the head of the law firm GMT Legal, predicts that the primary trend in 2024 will be the adoption of digital assets for cross-border payments. He notes that this includes not only cryptocurrencies but also digital financial assets and the digital ruble.
Several Russian projects aimed at providing technical solutions for cross-border payments using cryptocurrency have emerged by the end of 2023. These projects include bank-led and joint bank-crypto exchange-run solutions. Some companies have already engaged in direct crypto-powered business with overseas companies, with apparent approval from Moscow.
However, Tugarin laments the lack of ready-made solutions for using digital financial assets for cross-border payments, expressing a similar sentiment regarding the digital ruble.
Maria Telegina, a legal expert and lecturer, expects the launch of an experimental platform in 2024 for the use of cryptocurrency and digital financial assets for international payments. She points out the potential for these solutions to address issues caused by EU and US-led sanctions, which are placing pressure on the Russian financial system.
Dmitry Kirillov, a Blockchain Law teacher, hopes for the completion of testing and the establishment of a regulatory framework for the digital ruble. Although the Central Bank has ruled out a digital ruble rollout before 2025, the finance ministry promises that all citizens will have the opportunity to experience CBDC payments in the next 12 months.
Kirill Lyakhmanov, the Chief Legal Advisor of the Intellectual Property Department at the EBR Law Firm, predicts that the fragmentation of global financial markets will lead to increased interest in cryptocurrencies. He also believes that despite the collapse of the NFT market in 2023, these assets still have a future in the utility tokens field, even in Russia.
Overall, experts in Russia are optimistic about the increasing adoption and use of cryptocurrencies and digital assets in cross-border payments in the year 2024.
