Russia Opens Up International Cryptocurrency Transfers on September 1

Cryptocurrency will soon be allowed for international transfers in Russia. Starting September 1, individuals and companies can conduct foreign economic operations using cryptocurrency. However, this does not mean that Russian residents will be able to pay for goods and services with cryptocurrency within the country.

According to Alexey Korolenko, Executive Director of Cifra Markets, banks will control these operations and have the right to reject payments if they do not comply with legal requirements. Unqualified investors will be restricted to buying only the most liquid cryptocurrencies - Bitcoin, Ethereum, and Tether USDT - after passing a test.

Qualified investors will have broader access, but the Central Bank may restrict certain types of assets, such as anonymous coins. The exchange of cryptocurrency for securities is explicitly prohibited.