Russia Legalizes Bitcoin Mining And Cross-Border Crypto Trade As Economic Sanctions Bite ⋆ ZyCrypto
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Advertisement     In a major development, Russian lawmakers passed a bill to legalize the use of Bitcoin (BTC) and other cryptocurrencies for international trade, as companies grapple with increasing difficulties in foreign payments under the threat of Western sanctions over its invasion of Ukraine. The lawmakers also voted to fully legalize crypto mining in Russia from November 1, 2024. Russia Legalizes International Payments In Crypto The lower house of Russia’s parliament, known as the State Duma, approved legislation allowing cryptocurrency use for global settlements. On Tuesday, legislators of the State Duma gave the first greenlight to the new law, which would permit businesses to use crypto for cross-border trade. “We are taking a historic decision in the financial sphere,” Anatoly Aksakov, the head of the Duma, told lawmakers Tuesday according to a Reuters report. Aksakov noted that Russia previously had concerns about legalizing crypto but now considers its use as “an objective phenomenon” that requires regulation. He told Bloomberg that under the new law, global decentralized crypto assets will be held to the same set of regulations as foreign currency such as the U.S. dollar, in Russia. The Bank of Russia would serve as the primary regulator for all crypto and digital asset matters. Advertisement   While crypto trading and payments inside Russia will still be banned, President Vladimir Putin recently urged officials to regulate digital assets domestically and for foreign transactions. “Crypto is increasingly used in the world as a means of payment in international statements,” Putin posited in a statement. Reports say the law is expected to take effect by Sept. 1 and that the first crypto transactions could occur before the end of the year. Mining Regulation The Russian Duma also passed a law legalizing crypto mining in the country from Nov. 1, 2024. Entities and…
Filed under: News - @ August 3, 2024 11:20 am