{"id":134617,"date":"2024-07-31T18:15:41","date_gmt":"2024-07-31T15:15:41","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=134617"},"modified":"2024-07-31T17:30:32","modified_gmt":"2024-07-31T14:30:32","slug":"russias-new-crypto-bill-misinterpreted-as-major-policy-change","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/russias-new-crypto-bill-misinterpreted-as-major-policy-change\/","title":{"rendered":"Russia\u2019s New Crypto Bill Misinterpreted as Major Policy Change"},"content":{"rendered":"<p>According to social media <strong><a href=\"https:\/\/x.com\/i\/trending\/1818297471707075011\" rel=\"nofollow\">posts<\/a><\/strong>, Russia was said to have \u201cembraced crypto,\u201d \u201clegalized cryptocurrencies,\u201d and \u201capproved a bill on cryptocurrency mining\u201d while treating <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/bitcoin\/\">Bitcoin<\/a><\/strong> and crypto as foreign currency.<\/p>\n<p>This information is largely inaccurate and was not part of a deliberate Kremlin disinformation campaign. Instead, the confusion stems from a lack of understanding about Russian legislation and the Kremlin\u2019s history of making symbolic or non-committal statements about cryptocurrency.<\/p>\n<p>Here\u2019s what actually happened with Russia\u2019s cryptocurrency legislation: The lower house of Russia\u2019s parliament, the State Duma, passed a bill today allowing certain Russian businesses to use cryptocurrency for international transactions, not for domestic payments. This is the extent of the news\u2014the passage of a bill, which has been known since November 2022, and which still requires enactment.<\/p>\n<p><div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1\">Read More:<\/h5>\n    <a class=\"article row post-134367\" href=\"https:\/\/cryptodnes.bg\/en\/justin-sun-urges-china-to-embrace-crypto-regulation-following-trumps-pro-crypto-stance\/\" title=\"Justin Sun Urges China to Embrace Crypto Regulation Following Trump\u2019s Pro-Crypto Stance\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/bitcoin-china-240x170.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Justin Sun Urges China to Embrace Crypto Regulation Following Trump\u2019s Pro-Crypto Stance<\/h4>\n        <\/div>\n    <\/a>\n<\/div>\n<\/p>\n<p>The bill will not take effect immediately. According to <strong><a href=\"https:\/\/www.reuters.com\/technology\/russia-launch-international-payments-crypto-before-end-2024-2024-07-30\/\" rel=\"nofollow\">Reuters<\/a><\/strong>, implementation is not expected until September at the earliest, with the first transactions under this law expected later in the year.<\/p>\n<p>Furthermore, the bill does not address domestic cryptocurrency use. It is focused solely on international payments and mining operations not related to trading or payments. Additionally, the bill mandates that Russia\u2019s central bank develop new infrastructure for these transactions, but this infrastructure is still in the planning stages with no confirmed timeline for its rollout.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently, misleading information spread claiming that Russia had officially adopted Bitcoin mining and cryptocurrency payments.<\/p>\n","protected":false},"author":3,"featured_media":1710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[25],"tags":[72,424],"coin_category":[],"class_list":["post-134617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulations","tag-bitcoin","tag-crypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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