Bitcoin climbed above $65,000 on Monday after Russia advanced cryptocurrency legislation that may soon permit digital assets for international trade. The price reached $65,520, marking a 2% gain in 24 hours, while trading volume hit $28 billion.
Russia’s crypto bill nears final approval
The State Duma will review the bill, titled “On Digital Currency and Digital Rights,” on July 21. Passage would allow Russian companies to use cryptocurrencies for cross-border payments while maintaining the ruble as the sole legal tender domestically.
Anatoly Aksakov, who leads the State Duma Committee on Financial Markets, confirmed the legislation cleared a key committee stage. The proposal treats crypto as property rather than currency and eliminates earlier rules requiring wallet address declarations. It also introduces oversight for large outbound transfers.
The law’s main provisions would become effective on September 1, 2026.
Sanctions push Russia toward alternative payments
Russia’s shift follows years of financial restrictions imposed by Western nations. Since 2022, sanctions have cut off Russian banks from SWIFT, compelling businesses to explore other payment methods. The urgency increased as Russia deepened economic ties with China, Turkey, and India.
Officials describe the legislation as a direct response to these obstacles, enabling exporters and importers to bypass conventional financial networks. The central bank, which previously opposed crypto, now endorses its limited use in international commerce.
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According to Reuters, Russian companies have increasingly turned to national currencies and alternative financial arrangements to facilitate international trade.
The law reflects a broader trend of governments testing digital assets to counter financial isolation.
Global crypto interest grows alongside Russia’s move
The timing coincides with rising institutional interest in Bitcoin. This month, BlackRock’s spot Bitcoin ETF recorded steady inflows, while Taiwan considered adding digital assets to its reserve strategies.
Russia’s legislation is part of a wider discussion about cryptocurrencies in global finance, particularly for nations under restrictions. Approval could encourage other governments to view crypto as a practical tool for cross-border trade, even if domestic use stays restricted.
Market reactions to regulatory news tend to be brief. Long-term value hinges on how extensively businesses adopt the new rules. Traders are closely monitoring the Duma’s vote, seeing it as another indication that crypto is gaining legitimacy.
