In a landmark decision, Russia's State Duma has approved legislation allowing bitcoin (BTC) to be used for cross-border transactions as part of an experimental legal framework (ЭПР). The move, effective September 1, 2024, signals a major policy shift toward cryptocurrency adoption by the Putin administration.
Key Provisions of the New Law
Scope of Cryptocurrencies:
- Permits BTC, ETH, and USDT for international trade settlements (not for domestic goods/services).
- Excludes unregulated tokens to mitigate risks.
Regulatory Oversight:
The Central Bank of Russia will supervise ЭПР participants, collaborating with:
- Federal Financial Monitoring Service (Росфинмониторинг).
- Federal Security Service (ФСБ).
- Ministry of Finance.
- Mandates 10-day risk assessments for money laundering/terror financing.
Operational Framework:
- Allows crypto exchange trading within ЭПР.
- Establishes electronic platforms via Russia’s National Payment System (НПС).
Current Crypto Landscape in Russia
- 302 million crypto holders (3.6% of population).
- 7 licensed exchanges (e.g., Moscow Exchange, SPIMEX) poised to support crypto trades.
👉 Explore global crypto trends
FAQs
Q: Can Russians use crypto for everyday purchases?
A: No—only for approved foreign trade activities.
Q: Which cryptocurrencies are permitted?
A: BTC, ETH, USDT (not CBDCs or private tokens).
Q: How does this impact sanctions?
A: The policy may help bypass restrictions, but compliance risks remain.
👉 Learn about crypto regulations
Conclusion
Russia’s ЭПР experiment positions it as a crypto-friendly jurisdiction while balancing security controls. Watch for updates as the September rollout approaches.
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