Russia Races to Legalize Crypto as Sanctions Weigh On Firms (1)

Russia is moving to regulate the use of cryptocurrencies, as companies wrestle with increasing difficulties in foreign payments under the threat of US sanctions over the war in Ukraine.

Lawmakers in the lower house of parliament, the State Duma, passed a cryptocurrency bill on Tuesday, as well as separate legislation regulating crypto mining. The legislation aims to open up cross-border payments with cryptocurrency under regulation by the central bank in what policymakers have called an experiment.

The draft laws are expected to gain quick approval from senators in the Federation Council before being signed into law by President Vladimir Putin ...