Crypto News: Russia Takes After Iran, Looks to Crypto for Sanctions Evasion

This month's cryptocurrency news is already popular. Massive updates are being added to Ethereum (ETH-USD) and Cardano (ADA-USD), Ripple is wrapping down its SEC case, and Voyager Digital (OTCMKTS:VYGVQ) is concluding its bankruptcy auction. International relations is another area where cryptocurrency is a hot issue. In fact, Russia intends to present a law that would enable it to avoid sanctions, adding to its policy reversals.

Russia has expressed conflicting, divergent views on cryptocurrencies. Both a central bank digital currency (CBDC) and allowing Russian people to trade or do business with cryptocurrency are not something it is interested in. Vladimir Putin, the president, has shown interest in commercial crypto mining, nevertheless.

This assortment of positions has resulted in a strict restriction on cryptocurrency trading in Russia. The nation continues to welcome the crypto miners who operate inside its borders in the meanwhile.

Everything may be changing. Numerous nations imposed sanctions on Russia after its first incursion into Ukraine. Early on, many people worried that Russia might use cryptocurrencies to escape these sanctions.

Others claim that this isn't the case and never has been, but the Russian government may be able to refute them.

News about cryptocurrency: Russia will consider a new bill

Although the U.S. may advance its own cryptocurrency legislation this month, other developments are the major crypto news right now. The upcoming crypto law from Russia is significant because it emulates the policies of a U.S. foe and may allow the country to circumvent blockchain-related sanctions.

Ivan Chebeskov, the head of the Russian Finance Ministry, claims that a new law to lift the nation's prior prohibition on cryptocurrency trading is being drafted. Businesses will be able to make transactions using cryptocurrencies thanks to this new law.

The draft law was released only a few weeks after the Russian central bank changed its position on cryptocurrencies. The Bank of Russia, which had previously been anti-crypto, now supports allowing crypto payments solely for international trade. The Russian Prime Minister Mikhail Mishustin's optimistic remarks about cryptocurrency preceded this most recent change of heart. Mishustin requested the Bank of Russia, the FSB, and the country's tax and financial monitoring divisions to reach a consensus on whether or not to legitimize these cross-border transfers only last week.

Unsurprisingly, all of this information was released shortly after the Iranian government granted its own local firms the ability to legally import items via cryptocurrency payments. It just placed the first-ever import order for automobiles, worth $10 million, into the nation. These imports also represent a clever attempt to get around trade restrictions.

It seems that Russia has considered Iran's success. Investors would be well to monitor the news on legislation and policy that is coming out of the country this week.