Russia's Parliament Passes Bill in First Reading Allowing Crypto for International Trade

Jul 24, 2024, 12:18 PM

Russia's parliament, the Duma, has passed a bill in the first reading allowing companies to use cryptocurrency for international trade. This move, reported by RIA Novosti, is part of an experimental phase to facilitate foreign trade payments using digital assets. The bill's adoption marks a significant step for Russia in bypassing international sanctions and using blockchain technology for financial transactions. The legislation permits the use of stablecoins, minting of new stablecoins, and utilization of public digital assets for settling international trade deals. Additionally, Russia is exploring the potential for cross-border digital ruble payments, which may become a reality by 2026.