• Russian lawmakers are preparing two bills for adoption as early as June.
• One bill seeks to permit the use of crypto in overseas payments and the other will deal with the legalization of crypto mining.
• The Central Bank’s Governor has expressed her readiness to sign off on the “experimental” use of crypto in “external [overseas] settlements.”
Two Russian Crypto Laws Ready for Adoption
Russian lawmakers could finally end the country’s long wait for crypto regulation – with two bills reportedly ready for adoption as early as June. A group of MPs have submitted a bill proposing the launch of a Central Bank-regulated platform to allow cryptocurrencies and digital financial assets (DFA) to be used in international settlements.
Crypto Use in Overseas Payments
The proposed bill seeks to permit the use of cryptocurrency and DFAs in overseas payments, which would be subject to regulation by the Central Bank. The bank’s Governor Elvira Nabiullina also stated that she was prepared to sign off on this “experimental” use of crypto, and spoke about creating special authorized organizations that would enable miners to sell coins.
Legalization of Crypto Mining
The other proposed bill will look into legalizing crypto mining across Russia, enabling energy firms to benefit from this development. This is part of Moscow’s efforts to de-dollarize its economy amid international sanctions, allowing entrepreneurs more flexibility when it comes to making payments with foreign counterparties using cryptocurrency.
Previous Failed Efforts at Crypto Regulation
Progress towards regulating cryptocurrency has stalled multiple times previously due to disagreements between pro-industry government ministries and anti-crypto Central Bank officials. President Vladimir Putin had repeatedly called on both sides to resolve their differences but these calls were not heeded until now.
With two bills set for adoption in June, Russia may finally see much needed legal framework around cryptocurrencies and digital assets come into effect soon, providing more freedom and flexibility when it comes making overseas payments or engaging in crypto mining activities across Russia.