2024

Bitcoin

Impact

<ul>
 <li>Russia’s new law permits cryptocurrency use in international trade to bypass Western sanctions.</li>
 <li>The central bank’s “experimental” crypto payment infrastructure aims to reduce trade delays and costs.</li>
 <li>The legislation also regulates crypto mining but maintains a ban on cryptocurrency payments within Russia.</li>
</ul>
Russia has passed a law enabling businesses to use Bitcoin and other cryptocurrencies for international trade according to Reuters. This initiative, intended to <a href="https://cryptonewsland.com/russias-central-bank-recommends-crypto-use/" rel="noopener noreferrer nofollow">bypass Western sanctions</a> imposed after Russia’s invasion of Ukraine, is a shift in the country’s financial strategy.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 BREAKING: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1f7-1f1fa.png" alt="🇷🇺" class="wp-smiley" style="height: 1em; max-height: 1em;"> Russia just passed a law allowing businesses to use <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> and crypto in international trade — Reuters The law will become effective in September. BULLISH! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/oiajbmKiH1" rel="noopener noreferrer nofollow">pic.twitter.com/oiajbmKiH1</a>— Bitcoin Archive (@BTC_Archive) <a href="https://twitter.com/BTC_Archive/status/1818300291868975507?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 30, 2024</a>
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Law Aims to Mitigate Sanction Impact
Scheduled to take effect in September, the new legislation is a response to delays in international payments with major trading partners like China, India, and the UAE. These delays have been heightened by the cautious stance of banks in these countries, influenced by Western regulators.
Elvira Nabiullina, the Governor of the Russian central bank and a key supporter of the law, announced that the first cryptocurrency transactions are expected before the year’s end. The central bank will create an “experimental” infrastructure to facilitate these payments, though specific details have yet to be disclosed.
Addressing Payment Delays and Economic Strain
The central bank highlighted that payment delays have contributed to an 8% decline in Russian imports during the second quarter of 2024. Despite attempts to switch to partner currencies and develop a <a href="https://x.com/BRICSinfo" rel="noopener noreferrer nofollow">BRICS</a> alternative payment system, many transactions still rely on the US dollar and euro via the SWIFT system, exposing banks to secondary sanctions.
Nabiullina emphasized the growing risk of secondary sanctions, which <a href="https://cryptonewsland.com/bank-of-russia-to-test-digital-rubles-xrps-success-in-prior-tests-noted/" rel="noopener noreferrer nofollow">complicate import payments</a>, extend supply chains, and increase costs. “The risks of secondary sanctions have grown,” she stated. “They make payments for imports difficult, and that concerns a wide range of goods.”
Legislative Package Includes Mining Regulations
The new law is part of a broader legislative package that also includes <a href="https://cryptonewsland.com/crypto-legalization-buzz-china-russia-and-more-countries-embrace-crypto/" rel="noopener noreferrer nofollow">regulations on crypto</a> mining and t...
The post <a href="https://cryptonewsland.com/russia-embraces-bitcoin-and-crypto-for/" rel="noopener noreferrer nofollow">Russia Embraces Bitcoin and Crypto for International Trade to Bypass Sanctions</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Russia Embraces Bitcoin and Crypto for International Trade to Bypass Sanctions

Crypto News Land

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