Russia legalizes bitcoin mining and cross-border cryptocurrency payments
Russia has recently legalized bitcoin mining and cross-border cryptocurrency payments. This measure seeks to integrate cryptocurrencies into its financial system, particularly for international trade, in response to the economic sanctions imposed by the West.
The Central Bank of Russia and the Ministry of Finance have adopted a more flexible stance, allowing cryptocurrencies to be used in international transactions on an experimental basis. The president of the Central Bank, Elvira Nabiúllina, indicated that this initiative will include organizations authorized to handle these payments, ensuring the supervision and control of the transactions.
Rosbank, one of Russia's largest banks, has started a pilot to facilitate cross-border payments using cryptocurrencies. In this test, a national fintech, B-crypto, provides the necessary technical support. Russian companies can use this service, going through a KYC (Know Your Customer) verification process, and making payments in cryptocurrencies to international suppliers.
In addition, the new regulation seeks to regularize cryptocurrency mining activities, integrating miners within the legal framework so that they can operate without fear of reprisals and contributing taxes. This initiative is part of a broader effort by Russia to diversify its international payment methods and reduce its dependence on the US dollar.
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