Russia Legalizes Cryptocurrencies for International Trade
In a significant move, Russia has officially legalised Bitcoin & cryptocurrencies for use in international trade. This means that Russian businesses can now utilise cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) to buy and sell goods and services with other countries.
The new rule aims to make it easier for the Federation or Russia to trade goods & services globally, especially with countries that face economic sanctions. By using cryptocurrencies, businesses can easily bypass traditional banking systems and avoid some of the financial restrictions imposed by the western countries.
Russian officials believe that this step will give a strong push to the country’s economy and strengthen its trade relationships. However, some experts warn that there are risks involved, such as the volatility of cryptocurrency prices and the potential for illegal activities.
Overall, this development marks a big change in how Russia participates in the global economy, and it will be interesting to see how it impacts international trade in the coming months.
Bank of Russia vs Crypto
The Bank of Russia, the central bank of Russia, is known for its anti-crypto stance. In the past, many times this central bank proposed crypto ban ideas, but every time the situation turned out better for crypto and blockchain adoption.
Given their past stance, it’s likely they may have concerns or objections about the new international use of crypto. However, the final decision will depend on the government’s broader economic and strategic priorities.
Officially, Russia legalised cryptocurrency trading in 2022 and last year introduced new rules and measures for crypto mining companies, so that the country could benefit from crypto mining business activities in the form of tax revenue.
Bitcoin price action
The current trade price of Bitcoin (BTC) is $65,557 & this price is 2.29% high over the last 7 days.
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