Economic reports or announcements from Russian government or financial institutions

Russia's Duma Passes Crypto Mining and Payments Bill in First Reading, Effective September 1

Jul 25, 2024, 09:43 AM

Russia's 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 move aims to curb illegal activity, attract investments, and create jobs, marking a significant shift in the country's approach to cryptocurrency. The bill, expected to take effect on September 1, will enable Russia to use stablecoins, mint its own stablecoin, or utilize any public asset to settle international trade, thereby bypassing SWIFT sanctions. The increased use of digital assets is also facilitating cross-border payments between Russia and China, easing bilateral payment issues. According to RIA Novosti, the bill will be implemented as an experiment.