Russia is Ready to Start Crypto Trials!

Russia is working rapidly to utilize crypto as payment for international trades. In just 2 months, from lower house bills to becoming ready to test payments, they has worked very fast.

Lower house of Russian parliament passed the bills in July and on August 8, the president approved them. By September, Russia will start testing. Why is Russia in so much hurry and how are they going to make it happen so fast, let’s explore.

Why Russia needs Crypto

Western regulators imposed sanctions over Russia in 2022 when they launched a war over Ukraine. These sanctions have forced their trade partners to withdraw their support.

It was clear that whoever will have trade partnerships with Russian companies will also get sanctions. SWIFT services handle international transactions, but they only work with the US Dollar and Euro.

To perform any kind of trade, the central bank of those countries will need to use SWIFT for transactions which can invite sanctions to those countries as well.

This has started to harm Russian international trade, and they need a payment system nobody can control – in other words, a decentralized payment system. We all know what is the only payment system that no one can control – the cryptocurrency.

Hence, Russia, who has put a complete ban on crypto payments and mining since 2022, has turned to use it for international transactions.

The Russia Crypto Bills

On July 31, 2024, the parliament of Russia passed two crypto bills. One bill will allow Russia to use cryptos as a mode of payment for international transactions and the other will allow specific institutions to mine crypto.

These two bills once passed in the Russian parliament were sent to be approved by the President. Russian President Putin passed these crypto bills on 8th August 2024. 

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