Russia is betting big on crypto, aiming to legalize cross-border transactions in digital currencies by the second half of 2024.

In a statement to the Russian newspaper Izvestia, Anatoly Aksakov, the head of the State Duma’s Financial Market Committee, supported the proposal to use crypto for cross-border payments, saying the idea is “absolutely right.”

“We will exert maximum effort to pass the law in the first reading in March [2024], and in April-May in the second reading. This way, in the second half of 2024, businesses will be able to conduct cross-border settlements with cryptocurrency legally.”

Anatoly Aksakov

The Russian official did not rule out that eventually sanctioned Russian stock exchange SPB Exchange might eventually act as a third-party provider in these operations. However, Aksakov declined to go into the details.

In early November, Washington directed its focus toward SPB Exchange as part of comprehensive new measures designed to restrict Russia’s energy capabilities and address issues related to sanctions evasion.

Russia has been mulling various options to bypass Western sanctions, as financial restrictions have limited the country’s possibilities to trade with Europe.

In mid-October, Coin Insider Daily reported that SPB Exchange is ready to list a whole set of cryptocurrencies, including Bitcoin (BTC), once the government legalizes the industry. According to the exchange’s head, Roman Goryunov, SPB Exchange aims to be the first trading platform to facilitate crypto trading in Russia once there is a clear regulatory framework for digital currencies.