In a major policy shift, the country has formally recognized Bitcoin (BTC) and other digital currencies as property, specifically for international trade. This move, signed into law by President Vladimir Putin, marks a critical moment for the global crypto economy and signals Russia’s intention to use crypto in ways that extend beyond domestic speculation. While many countries are still testing the waters, Russia seems ready to dive in.
This new legal stance is being rolled out under an experimental legal regime (ELR)—a framework that allows Bitcoin to be tested with fewer restrictions. In this case, it’s giving crypto a legal green light for international trade settlements, offering a path forward amid ongoing sanctions and dollar-related constraints.
A Legal Shift With Global Implications
Under this new law, Bitcoin is now officially recognized as property. This gives them a clear legal status in trade, similar to assets like gold or real estate. It also allows businesses and state actors to settle cross-border deals using crypto. This is without converting to traditional fiat currencies like the U.S. dollar or euro.
Why now? Since the invasion of Ukraine in 2022, Russia has faced increasing financial isolation. Many of its banks have been cut off from the SWIFT payment system, and access to global capital markets has narrowed. By embracing crypto for international trade, Russia is building a workaround that’s harder to sanction and easier to maneuver.
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According to a 2023 report from Chainalysis, Russia ranks 16th globally in crypto adoption. But more importantly, its transaction volume exceeded $19 billion between July 2022 and June 2023, signaling a strong and growing appetite for digital assets.
Real-World Example: Oil-for-Crypto?
Although full implementation is still in its early stages, there are signs this shift may soon impact real markets. One rumored possibility: settling energy exports, such as oil, with friendly countries using Bitcoin or stablecoins. This could offer a more flexible alternative to the petrodollar, especially in trade with nations like Iran or China that are also exploring crypto solutions.
Meanwhile, Russian companies and government-linked firms are reportedly preparing pilot programs under the ELR to test crypto payments in sectors like energy, agriculture, and manufacturing.
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