Russian Parliament Passes Bill for Use of Crypto in International Trade as well as Legalize Crypto Mining!

Last year was a bad time for Bitcoin or crypto, but from the beginning of this year there was some good wind in the crypto market. Events like spot bitcoin ETF approval earlier this year to spot ethereum ETF approval two days ago have brought positive news for crypto as well as we have seen bitcoin price rise since the beginning of this year and this year the price of bitcoin has risen to the highest in history. Saw the stage. Another piece of positive news has entered the market recently, which is that the Russian Parliament has recently approved the use of crypto for international trade. And for that they passed a bill and legalized crypto mining.

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Recently, the Russian Parliament has allowed the use of crypto for international trade so that they can facilitate international transactions through the use of this digital currency, as well as local banks that they had and which have been hampered by Western sanctions and regulatory pressure. Stress free and can facilitate international transactions. But the country's new regulation will allow certain industries to bypass certain trades using crypto.

The country is currently under Western sanctions and there are various Western sanctions on local banks in the country. Therefore, such regulations can facilitate the country's global trade with its allies. In particular, the country currently experiences significant barriers to global trade with major trading partners such as China, India, the United Arab Emirates and Turkey. We know that there are currently restrictions by Western regulators on the country and on various financial institutions in the country, as well as in countries that are major trading partners of the country, due to increased caution by local banks due to pressure from the West. But an important point here is that although the country has approved such a law but crypto is not allowed for domestic payments in the country. The law or bill passed today represents a significant shift in the country's approach to digital currencies internationally.

As the country is under a lot of pressure in terms of trade with its major trading partners, new bills or new laws are expected to strengthen Russia's trade relations, and the country has approved such laws for that purpose. And at the same time, they have passed such bills with the aim of enabling the country to challenge global regulatory dynamics. Other countries have already taken similar steps. For example, Venezuela has recently taken a similar step where the country has also used crypto to bypass international sanctions. And the approval of such legislation has caused concern among US lawmakers. The Russian parliament has even legalized crypto mining in addition to passing a bill for the use of crypto in international trade. This has opened up new avenues for citizens of the country to mine for crypto mining in the country.