In a groundbreaking move, the Russian State Duma has approved the use of Bitcoin (BTC) for cross-border transactions under its Experimental Legal System (ЭПР), effective September 1, 2024. This decision marks a pivotal shift in Russia’s cryptocurrency policies, aligning with global digital finance trends while addressing regulatory safeguards.
Key Highlights of the New Legislation
1. Legalization of Cryptocurrency in Foreign Trade
- The bill permits BTC, Ethereum (ETH), and stablecoins like USDT for cross-border settlements within the ЭПР framework.
- Central Bank Digital Currency (CBDC) is excluded, emphasizing decentralized crypto assets.
2. Regulatory Oversight by the Central Bank of Russia
- The Central Bank will supervise EPR participants, ensuring compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) protocols.
- Risk mitigation: The bank must report threats to national security to the Federal Security Service (FSB) within 10 days.
3. Cryptocurrency Exchange Trading
- Licensed exchanges (e.g., Moscow Stock Exchange, SPIMEX) can facilitate crypto trading under EPR guidelines.
- New electronic platforms may be developed via Russia’s National Payment System (НПС).
4. Participant Safeguards
EPR proposals must outline:
- Rights/obligations of traders.
- Foreign exchange control procedures.
- Exit strategies for crypto trades.
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Russia’s Cryptocurrency Landscape: Trends and Data
- Adoption Rate: As of 2024, 3.02 million Russians (3.6% of the population) hold cryptocurrencies.
- Regulatory Shift: After abandoning plans for a state-run crypto exchange in 2022, Russia now focuses on private exchange standardization.
Anatoly Aksakov, Chair of the State Duma’s Financial Market Committee, confirmed:
"Major exchanges are prepared to launch crypto trading once legal frameworks are finalized."
FAQs: Russia’s Bitcoin Cross-Border Trade Policy
1. Which cryptocurrencies are allowed under EPR?
BTC, ETH, and stablecoins like USDT—but not CBDCs.
2. How does Russia prevent illicit crypto activities?
The Central Bank monitors trades and collaborates with the FSB and Росфинмониторинг to flag risks.
3. Can cryptocurrencies be used for domestic purchases?
No. The law only permits crypto for foreign trade settlements.
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Conclusion
Russia’s embrace of Bitcoin for cross-border trade signals a strategic pivot toward digital finance innovation. By balancing market opportunities with strict oversight, the ЭПР framework could set a precedent for other nations exploring crypto integration.
For further insights, refer to official documents from the Central Bank of Russia.