Vladimir Putin signed law on experimental settlements with cryptocurrency
Russian President Vladimir Putin signed a federal law on experimental settlements with cryptocurrency. Russia is creating a platform for using cryptocurrencies in international settlements and a law on the possibility of conducting exchange trading in cryptocurrency under the control of the Central Bank.
According to the current legislation, special legal regulations can be introduced in Russia for projects in the field of digital innovation. The current law allows for establishing experimental legal regimes (ELR) in various areas: medicine and pharmaceuticals; design, production, and operation of vehicles; agriculture; and the financial market. At the same time, approved projects are removed from the scope of federal laws.
Previously, the country prohibited the use of digital currency for settlements. The law signed by the president allows the Central Bank to use cryptocurrency with particular features within the ELR.
The federal law comes into force on September 1, 2024.
Author: Leila Aralbaeva
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