There have been new developments regarding the use of Bitcoin (BTC) and cryptocurrencies in international trade in Russia.
Russia took action for international payments, which slowed down after US sanctions, and the use of cryptocurrencies in international payments was approved.
Accordingly, the State Duma, the lower house of the Russian parliament, adopted the law allowing the use of digital assets such as Bitcoin in international payments.
Accordingly, digital assets such as BTC can be used as payment in the import and export of goods and services within the framework of the country's currency regulation law.
Chairman of the State Duma Financial Market Committee Anatoly Aksakov said that the adoption of the bill regarding cryptocurrencies in the lower house was a “historic decision”.
While the lower house accepts the bill, the upper house and then Russian president Vladimir Putin's approval is required for the bill to become law.
If this bill becomes law, Russia plans to make international trade payments with friendly countries through cryptocurrencies.
What Happened?
After Russia's invasion of Ukraine, the USA and EU countries imposed some economic sanctions on Russia.
Russian businesses that wanted to minimize the effects of these sanctions turned to cryptocurrencies. Seeing this trend, Russian authorities accelerated work on the use of Bitcoin (BTC) and cryptocurrencies in international payments.
At this point, Anatoly Aksakov, Chairman of the State Duma Financial Market Committee, stated that the Russian government plans to issue a crypto regulation in 2024 and drew attention to the importance of using Bitcoin and other cryptocurrencies in international payments.
*This is not investment advice.