ChainCatcher reported that the Russian State Duma passed a bill to legalize Bitcoin mining and allow the use of cryptocurrencies for international trade. The bill was first proposed a few years ago and is expected to take effect on September 1, subject to final approval by the Union.

According to local reports, the vote was clear, with 404 votes in favor, or 89.8% of the total votes. The new legislation is designed to address challenges faced by Russian banks due to regulatory restrictions and international sanctions. The sanctions have severely disrupted Russia's trade relations with major partners such as China, India, the UAE and Turkey, and local banks have become increasingly cautious under Western pressure.

The bill establishes a regulatory framework to oversee cryptocurrency mining activities, ensure compliance with tax regulations and prevent illegal operations. A key feature of the bill is the authorization of Bitcoin mining.