New Legal Frameworks to Enhance Cryptocurrency Use in Russian International Trade

On
August
8,
Russian
President
Vladimir
Putin
signed
a
significant
law
that
introduces
experimental
legal
frameworks
aimed
at
advancing
the
use
of
digital
technologies,
with
a
particular
focus
on
cryptocurrencies,
in
the
realm
of
international
trade.
This
legislation
is
designed
to
facilitate
cryptocurrency
transactions,
including
those
conducted
across
borders,
by
allowing
for
the
modification
of
existing
laws.
Additionally,
the
law
grants
the
Bank
of
Russia
the
authority
to
oversee
pilot
projects
related
to
the
use
of
digital
currencies.

Oversight
and
Approval
by
Key
Russian
Agencies

One
of
the
key
aspects
of
the
legislation
is
its
provision
to
modify
or
omit
certain
legislative
provisions
that
could
hinder
the
use
of
cryptocurrencies
in
transactions.
This
includes
the
use
of
digital
currencies
in
cross-border
trade,
an
area
where
Russia
seeks
to
gain
an
advantage
by
leveraging
the
flexibility
and
speed
of
cryptocurrencies.
The
law
also
introduces
changes
to
crucial
definitions,
such
as
“currency
values”
and
“electronic
platforms,”
and
it
alters
the
regulations
that
govern

cryptocurrency
trading
platforms.
Furthermore,
the
procedures
for
integrating
digital
currencies
into
Russia’s
financial
system
are
also
subject
to
change
under
this
law.

The
law
outlines
that
any
experimental
legal
regimes
involving
digital
currencies
must
receive
approval
from
several
key
Russian
agencies,
including

the
Russian
Finance
Ministry,
the
Federal
Security
Service
(FSB),
and
the
Federal
Financial
Monitoring
Service,
known
as
Rosfinmonitoring.
This
requirement
ensures
that
the
use
of
digital
currencies
in
these
pilot
projects
is
closely
monitored
and
regulated
by
the
country’s
leading
financial
and
security
authorities.
The
law
also
permits
adjustments
to
existing
rules
concerning
the
deposit
insurance
system,
the
Bank
of
Russia’s
payment
system,
and
the
procedures
for
resolving
consumer
loan
disputes,
further
integrating
digital
currencies
into
the
broader
financial
system.

Under
this
new
legal
framework,

the
Bank
of
Russia
is
empowered
to
supervise
pilot
projects
that
involve
various
aspects
of
cryptocurrency
use.
These
projects
include
the
use
of
cryptocurrency
for
foreign
trade
settlements,
the
organization
of
digital
currency
trading,
and
the
development
of
an
electronic
platform
that
would
operate
within
the
national
payment
system.
In
a
statement
made
in
July,
Central
Bank
Governor
Elvira
Nabiullina
suggested
that
the
first

cryptocurrency
transactions
under
this
new
regime
could
take
place
by
the
end
of
the
year,
signaling
a
potential
shift
in
how
Russia
conducts
international
trade.

In
addition
to
this
significant
piece
of
legislation,
President
Putin
also
signed
another
law
on
the
same
day,
which
regulates
cryptocurrency
mining
in
Russia.
This
second
law
is
expected
to
come
into
effect
later
this
year,
marking
a
further
step
in
Russia’s
efforts
to
integrate
digital
currencies
into
its
economic
and
financial
systems.

BREAKING:
Putin
Legalizes
Crypto
Mining
in
Russia

pic.twitter.com/onL0btrAI1

—
Altcoin
Daily
(@AltcoinDailyio)

August
8,
2024

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