Russia Legalizes Crypto for International Payments to Navigate Sanctions

New legislation enables cryptocurrency use for cross-border transactions and regulates mining activities.

The State Duma has passed a bill allowing businesses to use cryptocurrencies for international trade.
Russia's central bank will oversee an experimental payments platform, with initial transactions expected by year-end.
The new law also legalizes crypto mining, with specific regulations for large-scale operations.
Cryptocurrencies will be treated similarly to foreign currencies under the new legal framework.
Sanctions have significantly impacted Russia's international trade, prompting the shift to digital currencies.