Russia passes bill to legalize crypto to dodge international sanctions

Russian lawmakers voted to legalize cryptocurrencies for international settlements, an apparent effort to dodge sanctions imposed by Western countries. Reuters reports the law is expected to take effect in September, with first crypto transactions possibly before the year ends. Anatoly Aksakov, head of the Duma's financial market committee, told Bloomberg that under the bill, cryptocurrencies will be regulated like foreign currency such as the U.S. dollar. Crypto analyst Ani Aslanyan expects participation to stay limited to large and mid-size companies because of the bill's conditions.