- The Russian State Duma has passed a bill legalizing Bitcoin
- It establishes a regulatory framework for its mining and international trading
- It establishes a declaration from the proceeds of mining and trading
- The Russian State Duma is also considering the possibility of legalizing Stablecoins in the future
The Russian State Duma has finally passed the bill on Bitcoin regulation, which we wrote about earlier.
What Are the Details of the Russia Bitcoin Regulation Bill?
The bill previously put forward by Deputy Anatoly Aksakov, if finally approved, will result on September 1, 2024, and will introduce a regulatory framework for mining and international trading of Bitcoin.
It will legitimize these activities for individuals, businesses, and government agencies and include corresponding taxes.
The Bank of Russia will carry out regulatory oversight for their payment and relevant Bitcoin activities.
An interesting aspect is that Russia has no legal framework for using cryptocurrencies as a means of settlement for domestic transactions.
Therefore, the sale of mined cryptocurrencies is allowed without using Russian information infrastructure, which exempts these transactions from domestic currency regulation legislation.
Also, with the previous bill on the way, there is already talk of legalizing stablecoins, which could indicate a high likelihood of passage.
Conclusions
Russia is one of those countries that is particularly interested in independence from the dollar as a reserve currency, and Bitcoin seems an obvious choice for this.
Recall that some U.S. officials have expressed concern about the passage of this legislation as a way to avoid sanctions, and we should now look closely at their reactions and possible actions.
