Russia Legalizes Bitcoin For International Trade To Bypass Sanctions
In a significant legislative move, Russian lawmakers have passed a bill permitting businesses to use Bitcoin and other cryptocurrencies in international trade, according to a report by Reuters.
This development is part of Russia’s strategy to circumvent Western sanctions imposed following the invasion of Ukraine. The new law, expected to take effect in September, aims to address delays in international payments, particularly with key trading partners like China, India, and the UAE.
JUST IN: 🇷🇺 Russian law makers passes bill allowing businesses to use #Bitcoin and cryptocurrencies in international trade — Reuters pic.twitter.com/yFExWcIG9k
— Bitcoin Magazine (@BitcoinMagazine) July 30, 2024
Central bank Governor Elvira Nabiullina, a proponent of the law, announced that the first cryptocurrency transactions will occur before the year’s end.
