Russia’s State Duma is scheduled to vote on July 21 on a comprehensive cryptocurrency bill that would legalize regulated trading and enable cross-border settlements while maintaining the country’s ban on using digital assets for domestic payments, RBC reported.
Key Provisions in the Draft Law
The draft, filed as No. 1194918-8 and titled “On Digital Currency and Digital Rights,” outlines a framework to bring parts of Russia’s crypto market under regulation. According to RBC, the proposal would:
- Establish a regulated market for digital currency trading under defined rules.
- Permit cross-border settlements using digital assets within a prescribed legal framework.
- Preserve the current prohibition on using cryptocurrencies to pay for goods and services inside Russia.
Domestic Payments Remain Prohibited
Russia has prohibited the use of cryptocurrencies as a means of payment domestically, a stance authorities have consistently reiterated. The new bill would keep that restriction in place while providing legal foundations for other crypto-related activities, notably trading on regulated platforms and conducting certain international transactions.
Why It Matters
The vote marks a significant step toward clarifying Russia’s approach to digital assets after years of debate among policymakers. A legal pathway for regulated trading and cross-border settlements could offer Russian companies additional tools for international commerce, while the continued ban on domestic payments reflects ongoing concerns about monetary sovereignty and financial stability.
What Comes Next
If approved by the State Duma, the draft law would proceed to the Federation Council for consideration. Final enactment would require the president’s signature, followed by the development of detailed implementing regulations to govern market participants and cross-border use cases.