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<p>The adoption of bitcoin as an international payment method by Russia marks a historical turning point. Facing Western sanctions and increasing economic pressure, Russia turns to bitcoin and other cryptos to circumvent financial hurdles. This decision, approved by the State Duma, offers a new perspective for Russian businesses looking to navigate through a severely restrictive economic context.</p>
<h2 id="h-bitcoin-a-response-to-sanctions">Bitcoin: A Response to Sanctions</h2>
<p>Russia, faced with an avalanche of international sanctions in response to its invasion of Ukraine, seeks solutions to maintain its economic exchanges.</p>
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<p>Last June, <a href="https://www.cointribune.com/en/russia-legalizes-international-payments-in-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">the Russian Parliament adopted</a> in the first reading a law aimed at legalizing international payments in bitcoin.&nbsp;</p>
<p>The final vote, which took place on July 30, confirmed the entry into force of this legislation from September 1, 2024.</p>
<p>This decision is crucial for Russia, disconnected from the SWIFT network for two years, significantly limiting its international transaction capabilities.</p>
<p>The highly anticipated new legislation will bypass this exclusion, providing a lifeline for Russian companies affected by the sanctions.</p>
<p>Bitcoin, now recognized as a foreign currency, becomes a strategic alternative for international payments.</p>
<p>The introduction of this legislation also formalizes the use of cryptocurrencies under a clear legal framework, regulated by the Bank of Russia.</p>
<p>This legal framework aims to prevent financial risks and ensure the secure use of cryptos in international transactions.</p>
<p>The goal is twofold: to facilitate payments for businesses and to mitigate the impact of sanctions on the Russian economy.</p>
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<h2 id="h-a-change-of-direction-for-the-bank-of-russia">A Change of Direction for the Bank of Russia</h2>
<p>The Bank of Russia, once reluctant towards cryptocurrencies, now adopts a more favorable stance.</p>
<p>In January 2022, the institution had proposed banning crypto transactions, deeming them a threat to financial stability and monetary sovereignty.</p>
<p>Today, facing the necessity to maintain capital flow, the central bank is considering using bitcoin for cross-border payments.</p>
<p>This new direction marks a significant reversal in Russian monetary policy.</p>
<p><a href="https://en.wikipedia.org/wiki/Elvira_Nabiullina" target="_blank" rel="noopener noreferrer nofollow">Elvira Nabiullina</a>, the Governor of the Bank of Russia, indicated that experimental crypto payments could be conducted before the end of 2024.</p>
<p>This openness to cryptos reflects a pragmatic adaptation to current economic realities, where sanctions limit access to traditional foreign currencies.</p>
<h2 id="h-the-digital-ruble">The Digital Ruble</h2>
<p>In parallel with the integration of cryptocurrencies, Russia is also exploring the development of a digital version of its national currency, the ruble.</p>
<p>This project, distinct from bitcoin and other cryptos, aims to <a href="https://www.cointribune.com/en/the-digital-ruble-will-put-an-end-to-bitcoin-according-to-a-russian-economist/" target="_blank" rel="noopener noreferrer nofollow">create a digital currency</a> controlled by the state.</p>
<p>Unlike decentralized cryptocurrencies, the digital ruble would be issued by the Bank of Russia, ensuring strict supervision and regulation.</p>
<p>The digital ruble could offer significant advantages, particularly in terms of traceability and transaction security.</p>
<p>However, it also raises questions about privacy protection and state control. The shift towards a digital economy is accelerating, and Russia seems determined not to lag in this global race for financial innovation.</p>
<p>The legalization of bitcoin and cryptocurrencies for international payments in Russia represents a major evolution in the country’s economic strategy.</p>
<p>In response to economic sanctions and cross-border payment challenges, Russia turns to digital solutions to support its businesses.</p>
<p>Regulation by the Bank of Russia ensures a secure framework for these transactions, opening the way to new economic opportunities. As the country also explores the potential of a digital ruble, Russia is firmly positioning itself towards the digital future, adapting its policies to contemporary challenges and exploring the frontiers of the digital economy.</p>

Bitcoin Finally Legal in Russia for International Trade

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Další články publikované 31. 7. 2024

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