A pending bill in Russia’s State Duma would permit cryptocurrency use exclusively for international payments starting September 1.
Russia’s State Duma will vote on July 21 on a bill allowing cryptocurrency for international trade, with enactment set for September 1. The legislation creates a licensing regime for exchanges and custodians, overseen by the Bank of Russia, while banning domestic crypto payments.
The bill, delayed from a July 1 target, faced coordination hurdles among government agencies. Major banks like VTB and T-Bank are already preparing crypto depository services, though the Bank of Russia retains authority to block specific cryptocurrencies.
Approval would provide Russian firms a legal channel to bypass Western banking restrictions, though domestic use remains prohibited.