Summary:
- Russia’s State Duma advances law to legalize industrial crypto mining, with compliance to anti-money laundering rules.
- Legislation under review to permit crypto payments for international transactions, aiming to counter Western sanctions.
- U.S. closely monitoring Russia’s crypto activities amid concerns over sanctions evasion.
Russia is nearing the legalization of industrial crypto mining, with a new draft law requiring miners to adhere to anti-money laundering standards. This move follows significant industry growth despite previous calls for a ban by the Central Bank.
In addition, Russia’s parliament will soon review a bill allowing crypto payments for international transactions. This shift could help Russia circumvent Western sanctions, echoing similar strategies by other sanctioned nations. While Russia’s domestic use of crypto remains restricted, its push for alternative payment methods reflects growing trade ties with countries like China and India.
U.S. authorities are closely watching these developments, with concerns about potential sanctions evasion through cryptocurrencies. If the legislation passes, it could be implemented by September 1, 2024, signaling a major policy shift in Russia’s approach to digital currencies.
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