New Legal Frameworks to Enhance Cryptocurrency Use in Russian International Trade
Release: 2024/08/13 20:54 Reading: 374
Russian President Putin Signs Law to Advance Digital Currency Use in International Trade
On August 8, Russian President Vladimir Putin signed a significant law introducing experimental legal frameworks aimed at promoting the utilization of digital technologies, including the use of cryptocurrencies, in international trade. This legislation seeks to facilitate cryptocurrency transactions, including cross-border payments, by modifying existing laws and granting the Bank of Russia authority over pilot projects involving digital currencies.
Oversight and Approval by Key Russian Agencies
The legislation's key provision allows for adjustments or omissions of specific legislative provisions that may hinder cryptocurrency transactions, particularly in cross-border trade. It also revises definitions and regulations related to digital currencies and trading platforms. Additionally, procedures for incorporating digital currencies into Russia's financial system are subject to change.
Approval from several key Russian agencies, including the Ministry of Finance, Federal Security Service, and Rosfinmonitoring, is mandatory for experimental legal regimes involving digital currencies. This ensures close monitoring and regulation of their use in pilot projects. The law also allows for modifications to laws governing deposit insurance, payment systems, and consumer loan dispute resolution, further integrating digital currencies into the broader financial landscape.
Bank of Russia's Supervisory Role
Under the new framework, the Bank of Russia has the authority to supervise pilot projects covering various aspects of cryptocurrency use, including foreign trade settlements, digital currency trading, and the development of an electronic platform within the national payment system. Governor Elvira Nabiullina indicated that the first cryptocurrency transactions under this regime could occur before year's end.
Putin Legalizes Cryptocurrency Mining in Russia
Alongside the aforementioned legislation, President Putin signed a separate law on the same day regulating cryptocurrency mining in Russia, which is expected to take effect later this year. This move further solidifies Russia's efforts to embrace digital currencies in its economic and financial systems.
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