In the coming months, the Central Bank of Russia will launch a platform for cryptocurrency payments due to sanctions. The State Duma approved an experimental legal regime that allows cross-border payments with cryptocurrencies and legalizes bitcoin mining. This legislative development is the result of intense interdepartmental debate and work.
The Central Bank of Russia will be responsible for implementing this new alternative payment system, which will come into effect on September 1. This measure responds to Russia's difficulties in making international payments following sanctions imposed by the United States and other countries.
The Russian government has turned to local currencies and is now relaxing its stance on cryptocurrencies, especially stablecoins. Businessmen will be able to use them while respecting the country's laws. In addition, Russia is part of the BRICS group, which is developing a payment system based on central bank digital currencies (CBDC).
Bitcoin mining will also be legalized from September. Only registered legal entities and individual entrepreneurs will be allowed to mine, with restrictions on energy consumption and tariffs discussed with the Ministry of Energy. Cryptocurrency advertising will be restricted.
These changes represent a significant step for Russia, which has been against the use of bitcoin until now. According to MP Gorelkin, it is a "momentous moment."
"Today is a historic day, without exaggeration. Two years ago, when we started talking about the need to regulate the cryptocurrency market, the attitude towards it was extremely negative (I remember that the Central Bank even issued recommendations on a complete ban on mining and circulation of cryptocurrencies)."
Anton Gorelkin, State Duma Committee on Information Policy.
