Nikolas Sargeant
The Russian State Duma is set to review crucial cryptocurrency bills on Tuesday, covering general regulations and crypto mining. These are expected to be swiftly approved by the Federation Council, signed into law by President Putin, and become effective September 1, according to financial committee head Anatoly Aksakov.
The government's stance on crypto has significantly shifted. Officials now acknowledge cryptocurrencies as an "objective phenomenon" that cannot be ignored, signaling a move towards regulation rather than resistance. This change reflects Russia's evolving approach to integrating digital currencies into its financial landscape.
Regulation Amid Sanctions and Changing Stance
Russia's move to regulate cryptocurrencies comes as the nation faces increasing pressure from US sanctions. While digital currency payments are currently banned in Russia, President Putin recently urged the government to regulate this method for domestic and international transactions.
The Bank of Russia has softened its stance on cryptocurrencies, now supporting their experimental use in cross-border settlements. The new legislation is expected to regulate cryptocurrencies similarly to foreign currency in Russia, providing a legal framework for crypto businesses and miners.
Recent reports suggest that the Russian government may also reverse its stance on crypto exchanges, no longer seeking to halt crypto circulation in the country. Additionally, Russian commodities firms have turned to stablecoins for transactions with Chinese counterparts in response to international restrictions.
