Russia Legalizes Bitcoin And Crypto for International Trade To Bypass Sanctions
However, the new law doesn't lift the existing ban on crypto payments inside the country.
In a significant legislative move, Russian lawmakers have passed a bill permitting businesses to use Bitcoin and other cryptocurrencies in international trade, according to a report by Retuers. This development is part of Russia's strategy to circumvent Western sanctions imposed following the invasion of Ukraine. The new law, expected to take effect in September, aims to address delays in international payments, particularly with key trading partners like China, India, and the UAE.
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