Reports from cryptocurrency research firms or major news outlets like Bloomberg

Russia Moves to Regulate and Legalize Cryptocurrencies, Allowing Cross-Border Payments Amid US Sanctions

Jul 30, 2024, 01:05 PM

Russia is moving to regulate and legalize 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 passed a bill allowing cross-border payments with cryptocurrencies, including Bitcoin. The new legislation aims to facilitate international transactions and circumvent Western sanctions. Russian Central Bank Governor Elvira Nabiullina stated that the first international payments in cryptocurrencies are expected before the end of 2024. Under the new law, cryptocurrencies will be regulated similarly to foreign currency in Russia. The law will become effective in September, according to a Bloomberg report.