Russia’s money laundering watchdog has called for the acceleration of cryptocurrency payment infrastructure development while carefully considering associated risks, particularly around crypto mining. This announcement comes ahead of a parliamentary vote on July 23 for new legislation allowing cryptocurrency transactions in international payments to maintain trade flows. Facing delays in transactions with major partners like China and India due to cautious local banks, Russia seeks to bypass these obstacles. President Putin warned of potential electricity disruptions if crypto mining isn’t regulated, emphasizing the need for decisions on taxation and tariffs. Crypto is also used by Russians abroad to bypass Western sanctions and support military donations.
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