![](https://www.pymnts.com/wp-content/uploads/2024/02/bitcoin-cryptocurrency-blockchain.jpg)
Russian lawmakers have passed a bill allowing businesses to use cryptocurrencies in international trade. This legislative shift is part of Russia’s broader strategy to navigate the economic constraints imposed after its invasion of Ukraine.
According to Reuters, the new law is slated to take effect in September. Elvira Nabiullina, Governor of the Russian central bank and a prominent supporter of the legislation, indicated that the initial cryptocurrency trade transactions are expected to occur by the end of this year.
Russia’s international trade has encountered substantial delays, particularly with major partners such as China, India, and the United Arab Emirates. These delays are attributed to increased caution among banks in these countries, influenced by Western regulatory pressures.
Related: MPs Agree UK Must Pass Crypto Regulation By 2025
Anatoly Aksakov, head of the Duma’s lower house of parliament, emphasized the significance of this development. “We are taking a historic decision in the financial sphere,” he stated, addressing fellow lawmakers.
The new legislation mandates the creation of an “experimental” infrastructure for cryptocurrency payments by the central bank. While the specifics of this infrastructure remain undisclosed, it represents a pivotal step towards integrating digital currencies into Russia’s financial ecosystem.
Per Reuters, this move is seen as a crucial attempt by Russia to maintain its economic activities amidst the tightening grip of international sanctions. The implementation of cryptocurrency payments is anticipated to provide a more resilient framework for Russia’s international trade dealings.
Source: Reuters
Featured News
Live Nation Attorneys Granted Limited Access to Confidential Documents in Antitrust Case
Jul 30, 2024 by
CPI
UK’s CMA Deepens Investigation into Amex GBT’s Acquisition of CWT
Jul 30, 2024 by
CPI
EU Regulators Advocate Formalizing Disinformation Code Under DSA
Jul 30, 2024 by
CPI
Spain’s Antitrust Watchdog Slaps Booking.com with €413.2 Million Fine for Market Abuses
Jul 30, 2024 by
CPI
Russian Lawmakers Approve Cryptocurrency Use in International Trade
Jul 30, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Trade & Antitrust
Jul 26, 2024 by
CPI
What is Wrong with the WTO Discipline on Subsidies?
Jul 26, 2024 by
CPI
The Abiding Tension Between Trade Remedy Law and Antitrust
Jul 26, 2024 by
CPI
Trade and Antitrust: An End to Isolationism
Jul 26, 2024 by
CPI
International Trade Law and Domestic Regulation of Generative Artificial Intelligence: Divergent Approaches?
Jul 26, 2024 by
CPI