Bank

2024

Coin

<ul class="news-points">
 <li>Russia to legalize crypto for cross-border transactions.</li>
 <li>New legislation aims for 2024 implementation.</li>
 <li>Proposes 20% tax on crypto mining to boost the economy.</li>
</ul>
Russia is expediting its efforts to legalize cryptocurrency for cross-border transactions amidst increasing Western sanctions. Led by the Ministry of Finance and the Bank of Russia, the initiative reflects a significant shift in <a href="https://www.bloomberg.com/news/articles/2024-07-30/russia-races-to-legalize-crypto-as-sanctions-weigh-on-companies?utm_source=telegram&amp;utm_content=crypto&amp;utm_medium=social" target="_blank" rel="noopener noreferrer nofollow">the country’s approach to digital assets</a>.
Previously, Russia maintained a conservative stance on cryptocurrency. Since the adoption of the “On Digital Financial Assets” law in 2020, the country banned its use as a payment method within its borders. The Bank of Russia, in particular, opposed the domestic use of cryptocurrencies over concerns about destabilizing the national currency, <a href="https://coinedition.com/putins-take-on-crypto-balancing-innovation-and-control-in-russia/" rel="noopener noreferrer nofollow">the Ruble</a>. However, the evolving geopolitical crisis with Ukraine compelled a reevaluation of this policy.
Following the imposition of heavy sanctions, Russia’s interest in digital currencies grew as it explored ways to <a href="https://coinedition.com/russia-launches-crypto-payments-system-to-circumvent-sanctions/" rel="noopener noreferrer nofollow">circumvent</a> economic obstacles caused by the penalties. Deputy Finance Minister Alexei Moiseev has called for establishing a legal framework for cross-border crypto transactions. … 
The post <a href="https://coinedition.com/russia-embraces-crypto-for-international-payments-defying-sanctions/" rel="noopener noreferrer nofollow">Russia Embraces Crypto for International Payments, Defying Sanctions</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Russia Embraces Crypto for International Payments, Defying Sanctions

Coin Edition

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