Reports from Russian government, QIFA platform, or credible financial news sources

Russia Passes Bill to Legalize Bitcoin Mining and Crypto Payments, Effective September 1

Jul 25, 2024, 11:48 AM

The Russian State Duma has passed a bill in its first reading to legalize Bitcoin mining and allow the use of cryptocurrencies for international trade payments. This legislative move aims to curb illegal activities, attract investments, and create jobs, marking a significant shift in Russia's approach to cryptocurrency. The bill, expected to take effect on September 1, will enable Russia to use stablecoins, mint its own stablecoin, or use any public asset to settle international trade, thereby bypassing SWIFT sanctions. According to RIA Novosti and Cryptoslate, the increased use of digital assets is facilitating cross-border payments between Russia and China, easing bilateral payment issues caused by sanctions. The digital platform QIFA has been instrumental in speeding up Russia-China payments using digital assets, including stablecoin Tether (USDT).