BREAKING: Russia Legalizes Cryptocurrency for International Trade

Russia's parliament has passed a bill allowing companies to use cryptocurrency for international trade.

This move aims to strengthen trade relations and navigate around Western sanctions.

Additionally, cryptocurrency mining has also been legalized, waiting for secondary readings. This law is expected to live from September 1st, 2024:

#Mining and #crypto just been legalized in #Russia. Waiting for the secondary readings (with our comments, etc) and it will go live. Likely from September 1st, 2024 🔥🔥🔥 pic.twitter.com/GVJrPBhbxH

— Anti Danilevski (@AntiDanilevski) July 24, 2024

The law is now set to be ratified by the upper parliamentary house. It will then be signed into law by the President’s office.

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After the law is implemented, miners will need to report information about suspicious-looking crypto transactions to Rosfinmonitoring, the nation’s anti-money laundering agency.

Russian news outlet Vedomosti also quoted one of the bill’s authors, the lawmaker Anton Gorelkin, as saying the draft law will be “fully adopted before the end of the Duma’s spring session.” The Duma’s current session wraps up on August 5.

Vladimir Putin recently pointed out that the uncontrolled increase in electricity consumption for Bitcoin mining could lead to electricity shortages in some regions, leaving new businesses, residential areas, and social facilities without supply. He also mentioned that this could delay promising investment and infrastructure projects.

Despite his remarks, it appears that the Russian State Duma has accepted that cryptocurrency should be regulated properly, rather than banning them outright.