- Russia will legalize cryptocurrencies for international settlements by September 1.
- After pilot testing, the digital ruble will be widely used in July 2025.
- The new measures are aimed at easing transaction difficulties caused by international sanctions.
In a major move to adapt to international economic pressure, Russia plans to legalize cryptocurrencies for international settlements by July 2025 and launch its central bank digital currency (CBDC), the digital ruble.
These measures are aimed at strengthening the country’s financial resilience amid ongoing sanctions and economic challenges.
If passed, the proposed legislation would take effect on September 1
Proposed legislation to legalize cryptocurrencies for international settlements, if passed, would regulate digital assets such as Bitcoin under the same framework as foreign currencies.
Anatoly Aksakov, chairman of the Duma Financial Markets Committee, said the new bill, scheduled to take effect on September 1, will ease the transaction difficulties faced by Russian companies due to sanctions.
The move comes after Russian President Vladimir Putin signed the Russian Digital Ruble bill into law, underscoring a major shift in Russia’s stance on cryptocurrencies.
Since the outbreak of the conflict in Ukraine in January 2022, Russia’s struggle with international diversion has given rise to creative solutions.
With many sanctioned countries such as Venezuela already using cryptocurrencies in international settlements, Russia’s new legislation reflects a broader trend.
However, as cryptocurrency analyst Ani Aslanyan pointed out, complying with the new regulations may limit the participation of large and medium-sized companies.
If the bill is passed, it is expected that countries such as the United States will intensify scrutiny, especially after Lithuania fined crypto company Payeer 9.3 million euros for violating sanctions.
Russia’s central bank will launch digital ruble to the public in July 2025
Meanwhile, Russia’s central bank is preparing for widespread use of the digital ruble by July 2025.
The digital ruble is a blockchain-based digital currency that has been under development since 2017 and was originally called the “crypto ruble”.
Following successful pilot testing involving 600 employees from 13 banks, the transition to a CBDC is expected to be gradual to ensure user convenience.
Central Bank Governor Elvira Nabiullina stressed that the digital ruble would complement existing cash and non-cash rubles, rather than replace them.
These moves mark Russia’s strategic adaptation to the rapidly changing global financial landscape.
By leveraging cryptocurrencies and digital currencies, Russia aims to mitigate the impact of sanctions and foster stronger international trade channels.
As China navigates these economic sectors, the effectiveness of these measures will be closely watched by supporters and critics on the global stage.
Russia to Legalize Cryptocurrencies for International Settlements: A Strategic Move
Russia is making significant strides in the world of cryptocurrencies and digital currencies as a response to international economic pressure. By legalizing cryptocurrencies for international settlements and launching the digital ruble, the country aims to strengthen its financial resilience amidst ongoing sanctions and economic challenges.
Legislation for Cryptocurrency Legalization
Proposed legislation in Russia aims to legalize cryptocurrencies for international settlements by September 1, regulating digital assets like Bitcoin under the same framework as foreign currencies. This move is expected to ease transaction difficulties faced by Russian companies due to sanctions and reflects a shift in the country’s stance on cryptocurrencies.
While the new regulations may present challenges for large and medium-sized companies, they are crucial for Russia’s adaptation to the changing global financial landscape. Observers will be closely watching how countries like the United States respond to these developments in the cryptocurrency space.
Launch of the Digital Ruble
Russia’s central bank is gearing up to launch the digital ruble for public use by July 2025. This blockchain-based digital currency, originally known as the “crypto ruble,” has been in development since 2017. The transition to a central bank digital currency (CBDC) is expected to be gradual, with the digital ruble complementing existing cash and non-cash rubles.
These strategic moves by Russia highlight its efforts to mitigate the impact of sanctions and strengthen international trade channels through the use of cryptocurrencies and digital currencies. As other countries like China navigate similar economic sectors, the outcomes of Russia’s initiatives will be closely monitored by global stakeholders.
