Russia Is Creating a Legal System For Crypto To Avoid Western Sanctions
Russia legalized cryptocurrency for foreign trade settlements to bypass Western sanctions restricting traditional banking channels.Summary
Russia's Ministry of Finance and Central Bank have agreed to legalize cryptocurrency for settling international trade deals, formalizing an experimental legal regime launched in September. This move is a strategic response to severe Western sanctions, particularly the disconnection of major Russian banks from SWIFT, which paralyzed traditional international payments. The new framework will allow Russian businesses to use crypto for cross-border transactions, facilitating trade with allies like China, India, and Turkey. However, the legislation includes strict oversight, enforcing Anti-Money Laundering (AML) and Know-Your-Customer (KYC) standards, and crucially, it maintains the ban on using cryptocurrency for domestic payments within Russia to protect the ruble's stability.
(Source：BeInCrypto)