Russia will soon legalize crypto for international payments and introduce more advanced regulatory frameworks
Apparently Russia is very close to approving a bill to allow for crypto to be used for international trade in response to western sanctions. I don't know much about Russia's regulatory framework, but I remember that Russia wasn't very crypto friendly and that seems to be changing now.
Putin himself said that "Cryptocurrencies are not monetary units in the usual sense, but are increasingly used in the world as a means of payment in international transactions" and he commented on the necessity for Russia “not to miss the moment” with cryptocurrencies.
For context:
- Russia has launched it's own digital Rubel in 2023 (CBDC)
- Cryptocurrencies like Bitcoin have been legal in Russia, but may not be used to pay for goods and services (This seems to change very soon at least for international payments)
- Russia is the second largest crypto mining market with mining consuming 1.5% of the country's energy!
The leader of the state Duma has said that "'The cryptocurrency industry could become one of our main export items, and it is key to our country's competitiveness.'"
I recommend reading the full article as it gives quite a good picture of the state of crypto in Russia. Overall this is very bullish for crypto: https://www.msn.com/en-us/money/markets/putin-orders-the-regulation-of-crypto-as-country-mulls-embracing-currencies-like-bitcoin-for-international-trade/ar-BB1qgiU8 Show Less
2
