Russia passes bill to legalize BTC mining and allow international trade in cryptocurrencies, pending final approval

Russia’s State Duma has passed a bill that legalizes Bitcoin mining and allows international trade in cryptocurrencies. The bill, first proposed a few years ago, is expected to take effect on September 1, subject to final approval by the Union. The vote was reportedly clear at the meeting, with 404 votes in favor, or 89.8% of the total votes. The new legislation is intended to address challenges facing Russian banks due to regulatory restrictions and international sanctions. Sanctions have severely disrupted Russia’s trade relations with major partners such as China, India, the UAE and Turkey, with local banks becoming increasingly cautious under Western pressure. The bill establishes a regulatory framework to oversee cryptocurrency mining activities, ensure compliance with tax regulations and prevent illegal operations.