Ramazan Eles 
The Russian parliament has approved legislation that will allow the use of cryptocurrencies for international trade and legalize cryptocurrency mining.
The move is seen as a direct response to Western sanctions and banking restrictions, which have hampered Russia’s ability to conduct global trade. By enabling certain industries to utilize crypto, the country aims to circumvent these obstacles.
While domestic cryptocurrency payments remain prohibited, the new law marks a significant shift in Russia’s stance on digital assets. It aligns with similar strategies adopted by other nations, such as Venezuela, which has employed crypto to evade sanctions.
The legalization of cryptocurrency mining is another key component of the bill. It outlines a regulatory framework for mining operations, including tax obligations and oversight by a federal agency. The law also includes provisions to protect investors and prevent illicit activities, such as a ban on cryptocurrency advertising.
These developments position Russia as a potential global player in the cryptocurrency space, challenging existing regulatory norms and exploring alternative financial systems.