Russia’s Secret Plan: Bitcoin Trading Proposal Surfaces
13.07.2024 8:00 1 min. read Alexander Stefanov
Russia is reportedly considering allowing Bitcoin and cryptocurrency trading for select investors as part of efforts to boost international crypto settlements amid ongoing geopolitical challenges.
Previously, Moscow had proposed banning crypto trading and mining, with recent bills seeking to restrict domestic cryptocurrency exchange operations.
Now, the Russian Finance Ministry aims to permit Bitcoin and other cryptocurrencies for specific investor categories, proposing legislation for regulating crypto mining and digital asset settlements.
Additionally, they suggest allowing foreign economic activity participants to utilize crypto for settlements, treating them akin to currency.
Registered exchanges would handle crypto trading, limiting access to certain investors, while the Central Bank of Russia still restricts crypto for payments domestically.
Recent proposals also include legalizing stablecoins for international settlements, potentially bolstering Russia’s economic resilience against sanctions.
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