Russia’s State Duma is set to vote Monday, July 21, on a sweeping crypto bill that would legalize regulated trading and cross-border settlements — but keep the existing ban on using digital assets for payments inside the country. The draft law, numbered 1194918-8 and titled “On Digital Currency and Digital Rights,” marks the latest attempt by Moscow to carve out a legal framework for crypto after years of ambiguity.
The vote on Monday
Lawmakers in the lower house of parliament are scheduled to consider the bill on July 21. If it passes, the legislation would move to the Federation Council and then to President Vladimir Putin for signature. The timeline beyond that is unclear, but the Duma vote is the first real test of whether the bill has enough support.
What the bill allows
The draft law would legalize trading on regulated crypto exchanges and permit the use of digital currencies for cross-border settlements. That’s a big shift for Russia, where crypto has existed in a legal gray zone. The bill doesn’t name specific exchanges or regulators — those details would likely come in later rulemaking. But the core idea is to bring crypto activity under official oversight, at least for international transactions.
The ban that remains
One thing the bill doesn’t touch: the prohibition on using crypto as payment for goods and services inside Russia. That ban stays in place. The central bank and government have long argued that allowing domestic crypto payments would undermine the ruble and create financial stability risks. So while the bill opens the door for trading and cross-border use, everyday Russians still can’t buy a coffee with bitcoin.
Next steps
Monday’s vote is the next concrete milestone. If the Duma approves the bill, it heads to the upper chamber and then the president’s desk. No date has been set for those steps. The bill’s path has been winding — earlier versions stalled amid disagreements between the central bank and other ministries. This time, the language appears to have enough consensus to move forward, at least to a vote.
