In contrast, Russia has adopted a more permissive approach to cryptocurrencies, driven by economic necessity. Historically cautious, Russia reversed its stance in August 2024, when President Vladimir Putin signed legislation legalising the use of cryptocurrencies for international trade settlements. This policy allows Russian businesses to use digital assets, including Bitcoin, Ethereum and stablecoins like Tether, to bypass Western sanctions and facilitate cross-border payments. The law designates cryptocurrencies as a legitimate tool for trade but imposes strict oversight, requiring transactions to be reported to the Central Bank of Russia and conducted through licensed entities.
