Russia Greenlights Cryptocurrency Mining, Opens Door to Cross-Border Payments
Russia has taken a significant step towards embracing cryptocurrencies.
prativad 
Moscow, Russia – Russia has taken a significant step towards embracing cryptocurrencies. The Federation Council, the upper house of parliament, has approved a bill that legalizes cryptocurrency mining and paves the way for its use in international payments.
The new law, awaiting President Putin's signature, outlines a regulated framework for cryptocurrency mining, allowing businesses and individuals to engage in the activity under strict government oversight. While mining will be permitted, cryptocurrency advertising and public offerings remain prohibited.
A key provision of the legislation establishes an experimental regime where selected financial institutions will be authorized to conduct cross-border transactions and exchange trading using cryptocurrencies. This marks a departure from Russia's previous stance and could potentially reshape its financial landscape.
The central bank is expected to initiate cross-border crypto payments later this year as part of this experimental phase. However, the use of cryptocurrencies for domestic payments is still prohibited.
The legislation aims to balance innovation with financial stability, granting the government authority to impose restrictions on cryptocurrency transactions if necessary.
