According to a Bloomberg report, Russia will soon legalize cryptocurrency payments to address difficulties in making foreign payments due to U.S. sanctions.
The State Duma will review a cryptocurrency bill and separate legislation on crypto mining. Anatoly Aksakov expects the laws to pass quickly and take effect by September 1.
Cryptocurrencies will be regulated like foreign currencies, aiming to help businesses bypass sanctions. However, the regulations may primarily benefit large exporters, with transactions limited to major crypto miners.
The Bank of Russia will oversee the regulations, marking a shift in Russia’s approach to digital currencies.
The central bank reported that payment delays have led to an 8% drop in Russian imports in Q2 2024. Despite attempts to use alternative currencies and payment systems within BRICS, many transactions still rely on dollars, euros, and SWIFT.
This exposes banks in trading partner countries to secondary sanctions, prompting stricter compliance measures.
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