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Russia will legalize cryptocurrencies because it wants to avoid sanctions (traders.lt)

Rusija legalizuos kriptovaliutas, nes nori išvengti sankcijų (traders.lt)

In response to increasing international sanctions, Russia is accelerating efforts to legalize cryptocurrencies. The move aims to reduce the financial impact of the restrictions and give companies the tools to conduct international transactions.

Bloomberg reported that the Russian government is preparing legislation that would make digital currencies a key element in circumventing financial barriers, a significant policy shift from previous restrictions.

The State Duma, the lower house of the Russian parliament, is expected to soon consider cryptocurrency bills. The new regulations include both general digital currency regulations and specific measures for virtual currency mining. The draft laws are expected to pass through the legislative process and be signed by President Vladimir Putin by September 1.

The rapid progress of digital currency legislation indicates a significant shift in Russia's approach. A country that used to be skeptical of cryptocurrencies now sees them as a necessity due to geopolitical pressures. Russian companies are facing increasing difficulties in conducting international transactions due to US sanctions related to the conflict in Ukraine.

Despite previous proposals by Russia's central bank to ban cryptocurrencies entirely due to risks to financial stability, recent events have forced a re-evaluation of this position. Anatoly Aksakov, the head of the Duma Financial Market Committee, noted that the legalization of cryptocurrencies can help Russia bypass Western sanctions, making their use "an objective phenomenon that cannot be ignored."

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