Russian President Vladimir Putin has signed a new law aimed at promoting the use of digital technologies, particularly cryptocurrencies, in international trade. The legislation, signed on Thursday, establishes experimental legal frameworks that allow for modifications to existing laws to facilitate cryptocurrency transactions, including those involved in cross-border trade.
The Bank of Russia has been granted oversight of pilot projects involving digital currencies under this new law.
The law permits adjustments or omissions of certain legislative provisions to enable the use of digital currencies as payment in foreign trade agreements. It also revises key definitions, such as “currency values” and “electronic platforms,” and updates regulations governing cryptocurrency trading platforms and the integration of digital currencies into Russia’s financial system.
Any experimental legal regime involving digital currencies must receive approval from the Russian Finance Ministry, the Federal Security Service (FSB), and the Federal Financial Monitoring Service (Rosfinmonitoring). The law also introduces the possibility of modifying rules related to the deposit insurance system and the Bank of Russia’s payment system.
The Bank of Russia is responsible for overseeing pilot projects that may involve using cryptocurrency for foreign trade settlements and organizing digital currency trading. Central Bank Governor Elvira Nabiullina has indicated that the first cryptocurrency transactions under this new framework could take place by the end of the year.
In addition to this legislation, President Putin also signed a separate bill on the same day that regulates cryptocurrency mining in Russia. This regulation is expected to take effect later this year.
This legislative move is part of Russia’s broader strategy to integrate digital currencies into its economy, particularly in response to global economic shifts and the demand for innovative financial solutions. By establishing a legal framework for cryptocurrency use, Russia aims to attract investment, strengthen its economic resilience, and position itself as a significant player in the evolving digital asset landscape.
