Russia legalizes cryptocurrencies for international trade
Russia legalizes cryptocurrencies for international trade
Cassio Gusson
7/25/20241 min read
In a move that promises to redefine its trade and economic relations, the Russian parliament passed a bill legalizing the use of cryptocurrencies for international trade.
The measure is aimed at circumventing Western sanctions. In this sense, it is a Russian strategy to strengthen the country's trade relations. Additionally, cryptocurrency mining has also been legalized in Russia, awaiting secondary readings before coming into effect. This should occur on September 1, 2024.
The person responsible for the announcement was the legislator Anti Danilevski on his social networks, highlighting the approval of the project and the next steps necessary for its implementation.
“Mining and cryptocurrencies have just been legalized in Russia. Awaiting secondary readings and will come into effect from September 1, 2024,” Danilevski said.
Cryptocurrencies in Russia
The new legislation is now ready to be ratified by the upper house of parliament. President Vladimir Putin's office will then promulgate the bill and sign it into law.
Once the law is implemented, miners will be required to report information about suspicious cryptocurrency transactions to Rosfinmonitoring, the national anti-money laundering agency.
Anton Gorelkin, one of the authors of the bill, stated that the bill will be “fully adopted” before the end of the spring session of the Duma.” The current Duma session ends on August 5, suggesting that the legislation will be completed soon.
The legalization of cryptocurrencies in Russia comes amid growing global interest in digital assets and their regulation.
Recently, President Vladimir Putin expressed concern about the increase in electricity consumption for Bitcoin mining. According to the President of Russia, this could cause energy shortages in some regions. In addition, it could negatively impact new businesses in the country.
Despite this, the Russian State Duma decided that regulating cryptocurrencies would be a more effective approach than an outright ban.