Recent social media posts have claimed that Russia has “embraced cryptocurrencies,” “legalized cryptocurrencies,” and “approved legislation on crypto mining.” Most of these claims are false. The confusion stems from a misunderstanding of Russian law and the Kremlin’s vague statements about cryptocurrencies.
Bitter reality
Today, the State Duma, the lower house of the Russian parliament, passed a bill that would allow some Russian companies to use cryptocurrencies for international transactions. It would not allow cryptocurrencies to be used within Russia.
The bill would allow companies to use cryptocurrencies for international transactions, not just within Russia, and the bill still needs more steps before becoming law, which could begin as early as September.
The bill mentions cryptocurrency mining, but does not mention trading or using it for payments in Russia. It also requires the Bank of Russia, the central bank of Russia, to create a new system for such transactions, but it is still being planned and the launch date is unclear.
Misleading claim
Fake social media posts have led many in the crypto community to believe that Russia has fully accepted and legalized cryptocurrencies, which has caused a lot of confusion.
Russia has always been cautious about cryptocurrencies. The Kremlin often makes vague statements without clear action. This new bill is yet another example of Russia allowing limited use of cryptocurrencies while controlling their use within the country.
The confusion over Russia’s cryptocurrency legislation shows how important it is to be informed about international law. The new bill allows some use of cryptocurrencies in international transactions, but it does not mean that they are fully legalized or accepted in Russia. The crypto community needs to stay informed and cautious about such news to avoid misunderstandings.
Bitcoin price movement
Bitcoin’s current trading price is $64,793, and this price level has decreased by 2.1% in the last 24 hours. In particular, Bitcoin’s trading price plunged 3 hours ago in line with general market sentiment.
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