Russia Legalizes Cryptocurrency for International Trade
Global trade is set to take a new turn as Russian lawmakers recently announced their move to begin the use of Bitcoin as an international payment method from September 1st, 2024, this is coming after facing several Western sanctions and economic hurdles in the international market scene.
The state Duma, which is the lower house of the Russian parliament signed the bill in addition to other bills that will regulate crypto mining on the 31st of July, 2024.
Before this time, digital currencies used for payment were banned in Russia, and it significantly impacted Russiaās International trade as the country no longer has access to the SWIFT network for international payments. Ā In line with the adoption of cryptocurrency, Russia is seeking ways to develop a digital version of its national currency the rubble which will be issued and managed by the Bank of Russia.
Read more about Russiaās adoption of the cryptocurrency in the article āBitcoin Finally Legal in Russia for International Tradeā.
