TechFlow news, on July 25, according to Cryptoslate, the Russian State Duma passed a bill legalizing Bitcoin mining and allowing the use of cryptocurrencies in international trade. The bill is expected to take effect on September 1, pending final approval by the Federation Council. The voting results showed 404 votes in favor, accounting for 89.8% of the total votes. The new legislation aims to address challenges faced by Russian banks due to regulatory restrictions and international sanctions, which have severely disrupted trade relations with major partners such as China, India, the UAE, and Turkey.
The law establishes a regulatory framework to oversee cryptocurrency mining activities, ensuring compliance with tax regulations and preventing illegal operations. A key feature of the bill is the authorization of Bitcoin mining. Although cryptocurrencies remain prohibited for domestic payments, the bill marks a significant shift in Russia's stance toward digital assets and currencies.
