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Russia Embraces Crypto: Bitcoin Legalized for International Trade"_

Russia has taken a significant step in embracing cryptocurrencies, legalizing the use of Bitcoin and other digital currencies for international trade 🚀. This move aims to help the country bypass Western sanctions imposed after its invasion of Ukraine 🇺🇦.

The new law, effective from September 1, 2024, allows businesses to use cryptocurrencies for cross-border payments, enabling them to trade with countries like China, India, and the UAE 🌍. However, it's worth noting that the law doesn't lift the existing ban on crypto payments within Russia 🚫.

The Bank of Russia will oversee the use of cryptocurrencies, and companies interested in participating must apply for authorization 📝. The central bank plans to conduct experimental projects involving cryptocurrencies, including their use in foreign trade settlements and exchange trading 📊.

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