In a critical step to adapt to economic pressures, Russia is set to legalize cryptocurrencies for settlements and release its central bank virtual currency (CBDC), the virtual ruble, in July 2025.
These projects target the country’s monetary resilience in the face of existing sanctions and economic challenges.
The proposed law to legalize cryptocurrencies for overseas payments, if passed, will place virtual assets like Bitcoin in the same framework as foreign currencies.
Anatoly Aksakov, chairman of the Duma’s Financial Markets Committee, said the new bill, which is expected to take effect on Sept. 1, would ease the transactional difficulties Russia faces due to sanctions.
The move comes after President Vladimir Putin signed the Russian digital ruble bill into law, highlighting a shift in Russia’s stance on cryptocurrencies.
Russia’s difficulties with foreign transfers since the clash with Ukraine began in January 2022 have led to artistic solutions.
While many sanctioned countries like Venezuela already use cryptocurrencies for settlements, Russia’s new law reflects a broader trend.
However, compliance with new regulations may limit participation to giant and medium-sized companies, as noted by crypto analyst Ani Aslanyan.
Greater scrutiny is expected from countries such as the United States if the bill is passed, following fines such as the €9. 3 million fine imposed by Lithuania on cryptocurrency company Payeer for violating sanctions.
At the same time, the Bank of Russia foresees widespread use of the virtual ruble until July 2025.
The virtual ruble, a blockchain-based virtual currency, has been evolving since 2017, first called the “crypto-ruble. “
After a successful pilot test involving six hundred workers from thirteen banks, the transition to this CBDC is expected to be gradual, ensuring user convenience.
According to Mrs. Elvira Nabiullina, governor of the central bank, that the virtual ruble would complement the existing financial and non-financial rubles, not update them.
These projects demonstrate Russia’s strategic adaptation to a changing global monetary landscape.
By leveraging cryptocurrencies and virtual currencies, Russia aims to mitigate the effect of sanctions and encourage more powerful foreign industrial channels.
As the country navigates those economic waters, the effectiveness of those measures will be closely watched by supporters and critics on the world stage.
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