Russia's State Duma Passes Bill to Regulate Cryptocurrencies and Mining: RIA

Jul 30, 2024, 08:43 AM

Russia is moving to regulate the use of cryptocurrencies and cryptocurrency mining as companies face increasing difficulties in foreign payments under the threat of US sanctions. The State Duma, Russia's lower house of parliament, has advanced a bill to regulate cryptocurrency mining, aiming to promote investment and employment. The legislation, which has now been formally passed, will see cryptocurrencies regulated in the same way as foreign currency in Russia. President Vladimir Putin highlighted that cryptocurrencies are increasingly used globally as a means of payment in international settlements. This move comes as Russian businesses struggle with foreign-payment difficulties exacerbated by US sanctions. The bill's passage was reported by RIA.