Russia to legalize crypto

Russia is moving quickly to regulate cryptocurrencies as it faces mounting international payment challenges due to US sanctions related to the Ukraine conflict. The State Duma is set to debate a bill that would legalize the use of cryptocurrencies for international payments, treating them similarly to foreign currency, with a potential effective date of September 1. This regulatory shift is partly driven by President Vladimir Putin's acknowledgment of the need to utilize cryptocurrencies in global transactions. The Central Bank of Russia plans its first international crypto payment by the end of the year, marking a significant departure from its earlier stance advocating a ban on digital currencies. However, the new regulations may favor large exporters, potentially sidelining smaller businesses in the process. Despite these changes, the US is likely to monitor and target Russia's attempts to evade sanctions using cryptocurrencies.