Russia will reportedly legalize Cryptocurrencies for settlement of international transactions if the new bill that has been drafted is passed. Anatoly Aksakov, head of the Duma's financial markets committee, told Bloomberg that under the new law, cryptocurrencies will be subject to the same regulations as foreign currencies such as the US dollar in Russia.
The new bill will come into force on September 1 if approved by President Vladimir Putin and senators in the State Duma. Russian Crypto analyst Ani Aslanyan told Bloomberg that he expects Crypto participation to remain limited to large and medium-sized companies, due to the difficulty of meeting the requirements of the new draft law.
