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Russian Lawmaker Proposes Legalization of Cryptocurrencies to Attract Investments

The head of the Russian State Duma Committee for Economic Policy has proposed legalizing cryptocurrencies in order to attract foreign investments including from countries with anti-Russian sanctions.

Proposal to Legalize Cryptocurrencies

The chairman of the State Duma Committee for Economic Policy, Sergey Zhigarev, proposed the legalization of cryptocurrencies at the recent parliamentary hearings in the State Duma on the development of the digital economy, Tass reported on Tuesday.

He believes that it will attract foreign investments, including from countries that have imposed sanctions on Russia. He was quoted saying:

The legalization of digital currencies as a means of payment can help attract investments from foreign countries, including Western ones with sanctions, so we have an instrument that will help us attract the capital we need today.

“There will be a transformation of the whole banking and financial system,” he told other lawmakers, adding that the intermediaries “will disappear, and we need to be ready for this.”

The deputy also noted that soon large companies with their own cryptocurrencies could enter the market, adding that “we will witness the birth of a new market, free and open. It is to be hoped that Russian companies are involved.”

Source: https://news.bitcoin.com/russian-lawmaker-proposes-legalization-cryptocurrencies-attract-investments/