Russian Lawmakers Pass Bill Allowing Select Businesses to Use Crypto in International Trade
Russian lawmakers passed a bill on Tuesday, July 30 allowing businesses to use cryptocurrencies in international trade, a move aimed at circumventing Western sanctions imposed following Russia’s invasion of Ukraine.
Local media reported that the State Duma, Russia’s lower house of parliament, gave initial approval to the legislation, which will allow businesses to use cryptocurrencies for cross-border trade.
According to a report by Retuers, Russian lawmakers passed a new law on Tuesday, permitting the use of cryptocurrency for international trades by specific businesses as the country grapples with ongoing financial pressure from Western sanctions.
The new law, expected to come into effect in September, has garnered support from Russian Central Bank Governor Elvira Nabiullina, who stated that the first cryptocurrency transactions will occur before the end of the year.
Since the invasion, Russia has experienced significant delays in international payments with key trading partners such as China, India, and the United Arab Emirates. These delays stem from banks in these countries becoming more cautious under pressure from Western regulators.
“We are taking a historic decision in the financial sphere,” Anatoly Aksakov, head of the Duma lower house of parliament, told lawmakers.
The new law mandates the central bank to create an “experimental” infrastructure for cryptocurrency payments, although specific details of this infrastructure have yet to be announced.
The legislation is part of a broader package that includes regulations on cryptocurrency mining and the circulation of other digital assets. However, it will not lift Russia’s existing ban on cryptocurrency payments.
Read more on cryptonews.com
