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<ul><li>Russia moves to regulate cryptocurrencies amid growing sanctions and payment difficulties for businesses.</li><li>The State Duma will review the cryptocurrency bill, with regulations expected to be signed into law by September 1.</li><li>New crypto regulations aim to facilitate cross-border transfers, though primarily benefiting large exporters.</li></ul>In a strategic response to escalating international sanctions, Russia is swiftly regulating the use of cryptocurrencies. This decision comes as Russian businesses face increasing difficulties in foreign payments due to U.S. sanctions tied to the ongoing conflict in Ukraine.According to a recent <a href="https://www.bloomberg.com/news/articles/2024-07-30/russia-races-to-legalize-crypto-as-sanctions-weigh-on-companies" rel="noopener noreferrer nofollow">report</a>, the State Duma, Russia’s lower house of parliament, is set to review a comprehensive cryptocurrency bill this Tuesday. Additionally, separate legislation aimed at regulating crypto mining is also under consideration. Anatoly Aksakov, head of the Duma’s financial market committee, expects these laws to pass quickly through the Federation Council. Once approved, President Vladimir Putin is anticipated to sign the bills into law, effective from September 1.This legislative shift represents a notable change in Russia&#39;s stance toward digital currencies. The shift is largely driven by increasing pressure on Russian businesses from U.S. threats of secondary sanctions on foreign banks. Despite the current prohibition on using <a href="https://cryptotale.org/okx-to-cease-operations-in-nigeria-by-mid-august-due-to-local-regulations/" rel="noopener noreferrer nofollow">digital currency</a> for payments within Russia, President Putin recently urged the government to regulate this method both domestically and internationally. He highlighted that cryptocurrencies are increasingly used globally for international settlements.<a href="https://cryptotale.org/russia-regulates-cryptocurrency-to-counter-sanctions-and-facilitate-payments/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Russia Regulates Cryptocurrency to Counter Sanctions and Facilitate Payments

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