The Russian parliament has passed a bill allowing the use of crypto for international trade and legalizing crypto mining. The legislation, approved on July 24, 2024, aims to counteract Western sanctions and facilitate transactions hampered by increased regulatory pressures on local banks.
This move marks a significant shift in Russia’s approach to digital currencies, focusing on international rather than domestic use. The bill enables industries to bypass specific trade regulations and strengthens Russia’s trade relationships with key partners like China, India, and Turkey.
Additionally, the law legalizes crypto mining, with regulations set by the government and the Bank of Russia, effective September 1, 2024. This initiative ensures income declaration and tax compliance while exempting these transactions from currency regulation laws.
President Putin supports crypto use to mitigate sanctions’ impacts, highlighting the strategic importance of this development amidst ongoing economic pressures from the West.
