Russian parliament adopts bill on use of cryptocurrencies in international trade, legalizes cryptocurrency mining

The Russian parliament has passed a bill allowing the use of cryptocurrencies for international trade and also legalized cryptocurrency mining.

The legislation aims to facilitate international transactions that Western sanctions and regulatory pressure on local banks have hampered. The use of cryptocurrencies will allow some sectors to circumvent specific trade regulations.

According to Reuters, Russia has experienced notable interruptions in global transactions with key trading partners such as China, India, the United Arab Emirates and Turkey. This is due to increased caution by local banks under pressure Western regulators.

Although cryptocurrencies are not allowed for domestic payments in Russia, this new bill represents a significant shift in the country’s approach to digital currencies internationally.

The new law aims to strengthen Russia’s trade relations and challenge global regulatory dynamicsOther countries have already taken similar measures. For example, Venezuela used crypto to circumvent international sanctions, raising concerns among U.S. lawmakers.

Russia begins legalizing cryptocurrency mining

Today, the parliament pass A bill to legalize cryptocurrency mining in Russia. Drafted by MP Anatoly Aksakov and others, the bill imposes regulations on mining activities on the government and the Bank of Russia, compliance with which is monitored by a federal agency. The initiative aims to legalize mining, ensure income reporting, and make it easier to pay taxes.

The bill also aims to reduce legal risks by allowing the sale of digital currencies mined without using Russian IT infrastructure and exempting such transactions from currency regulation laws. It includes a ban on advertising for cryptocurrencies and, if approved, will come into force on September 1, 2024.

Impact on cryptocurrencies and relations with the United States

The approval of the bill puts Russia in opposition to longstanding U.S. efforts to restrict Moscow’s international trade capabilities. U.S. officials, including the Treasury Secretary Janet Yellenhave been closely monitoring Russia’s use of cryptocurrencies to evade sanctions.

“We are very attentive to the [Russian] “We don’t think this is a very significant step by Russia, but as our sanctions escalate, it becomes a concern,” Yellen said. said recently.

As sanctions tighten, Russia’s use of cryptocurrencies could worry U.S. lawmakers trying to tighten their grip on the country’s international trade.

President Vladimir Putin, while critical of bitcoin mining high energy consumptionsupports the use of cryptocurrencies to mitigate the impact of international sanctions. This legislative development underlines Russia’s determination to explore alternative financial mechanisms to support its international trade amid continued economic pressure from the West.

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