The State Duma of Russia approved a pioneering regulatory framework on cryptocurrencies and digital mining, intended to enter into force as of September 1, once signed by President Vladimir Putin. This draft law represents a radical shift in Russia's stance on digital assets, driven primarily by the need to get around Western financial sanctions and to formalize a multimillion-dollar industry in the country.
With this law, the use of cryptocurrencies is legalized as a means of payment for cross-border trade, allowing Russian companies to carry out imports and exports outside the SWIFT system. The use of cryptocurrencies to pay for goods and services within Russian territory remains strictly prohibited; the ruble is maintained as the only currency with legal tender status within the country.
With this law, the use of cryptocurrencies is legalized as a means of payment for cross-border trade, allowing Russian companies to carry out imports and exports outside the SWIFT system. The use of cryptocurrencies to pay for goods and services within Russian territory remains strictly prohibited; the ruble is maintained as the only currency with legal tender status within the country.