Russia Legalizes Bitcoin & Crypto for Cross-Border Payment

Russia has been a paragon of adopting crypto following the sanctions it faced during the war with Ukraine. The country has been witnessing increased use of digital assets not only among its citizens but also at the government level.

In line with this, the Russian State Duma Committee on Financial Markets adopted multiple laws today, giving crypto a relatively legal status. According to reports, the bill Passed in the third reading and allows the use of cryptocurrencies for conducting cross-border payments and exchange transactions.

Russia Begins Crypto Adoption

However, before this becomes accessible publicly, the amendments will be tested within an experimental legal regime. Approved by the Bank of Russia, the experiment will provide a structural framework and be conducted in accordance with regulatory compliance standards, starting September 1 this year.

This development places Russia at the forefront of crypto adoption, significantly ahead of the United States. The US is still struggling to classify crypto assets as either Security or Commodities, with the SEC and CFTC attempting to take sole authority over regulating digital assets.

Over the last couple of weeks, crypto has emerged as a crucial matter of discussion. The Presidential candidates have been discussing their ambitions regarding digital assets, with Donald Trump being pro-crypto.

During a recent speech at Bitcoin Conference 2024, Trump vowed to turn US into the “crypto capital of the world”. He went on to say that upon his election, the US government would cease selling its BTC holdings acquired in the past or in the future.

During the same conference, Senator Cynthia Lummis unveiled a bill proposing the formation of a Bitcoin reserve. The bill aims to create “a network of secure storage vaults, purchase programs, and other programs to ensure the transparent management of Bitcoin holdings of the Federal Government.”

It is unknown whether this is an attempt to turn crypto enthusiasts into vote banks or the Trump administration’s sincereness in their bullishness towards digital assets. Regardless, the US is far behind many other countries when it comes to crypto adoption.

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