Russia is set to adopt new legislation that will legalize cryptocurrency trading and allow its use in international trade settlements.
The bill has now been approved by the Russian Cabinet and is expected to enter into force in July.
Analysts have described the move as a major turning point in the country’s digital asset policy, which aims to circumvent Western sanctions and increase the flexibility of international payments. However, the ban on using crypto to pay for goods and services in the domestic market will remain in place.
Under the new rules, Russian citizens who meet certain requirements will be able to buy and sell cryptocurrencies through approved exchanges. Russia is joining a global trend toward widespread use of blockchain technology for cross-border financial transactions, thanks to its speed, security, and efficiency.
