20 July 2026
Russia To Legalize Crypto As a Means of Payment
As per the new version of a proposed Crypto bill in Russia, the country is gearing up to legalize Crypto soon. However, some questions are raised due to Crypto’s use as legal tender.
Bill came up with changes as Crypto will be used as a legal tender. In February, the proposal said Cryptocurrency would not be considered legal tender. Now, the Finance Ministry has eased this stance.
According to the latest reports, the new draft states that digital currency can be accepted as a “means of payment that is not the monetary unit of the Russian Federation.”
The country has decided to allow only decentralized tokens to be accepted. This means that Tether (UST) which is a USD-backed stablecoin will not be accepted as payment. Initially, the government didn’t decide which cryptocurrencies to approve as tender by the government.
No other changes have been made in the first draft of the bill. The bill outlines strict licensing requirements for Crypto exchanges, and will also restrict the amount of Crypto citizens can trade.
Russia will also develop a register of all entities trading Crypto within its borders, citizens, and exchanges alike.
Additionally, the bill also plans to set up a register of Crypto mining businesses in the country. Bill will legalise mining and bring it under the government’s regulation, making the act susceptible to taxation.
The decision was taken after considering several Russian ministers' stance to legalise Crypto mining due to country’s potential to become a mining hub.
Although the Western countries have imposed Crypto sanctions on Russia, it was unclear how the country would facilitate offshore crypto trade. Ksenia Yudaeva, Russia’s central bank member said that the bank saw limited options to use crypto to avoid sanctions.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
Explore related on CoinsCapture
Topics
Discussion
0 comments