Russia’s Parliament Approves Bill to Legalize Cryptocurrency for International Trade
Russia’s parliament has passed a groundbreaking bill that permits companies to use cryptocurrency for international trade, aiming to bolster trade relations and circumvent Western sanctions. The bill now awaits ratification by the upper parliamentary house and will then be signed into law by the President’s office.
Once implemented, the new law will require miners to report suspicious crypto transactions to Rosfinmonitoring, the nation’s anti-money laundering agency.
Russian news outlet Vedomosti quoted lawmaker Anton Gorelkin, one of the bill’s authors, who stated that the draft law would be ”fully adopted before the end of the Duma’s spring session,” which concludes on August 5.
President Vladimir Putin recently highlighted concerns about the uncontrolled increase in electricity consumption for Bitcoin mining, warning it could lead to shortages in some regions and delay crucial investment and infrastructure projects. Despite these concerns, the Russian State Duma seems to agree that proper regulation, rather than an outright ban, is the way forward for cryptocurrency.
This legislative move underscores Russia’s evolving approach to cryptocurrency, recognizing its potential while addressing associated risks through regulation.
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