Bitcoin
Bitcoin traded at approximately $65,520 during Monday's session, gaining roughly 2% over a 24-hour period. Dan Kitwood/Getty Images

Bitcoin rose above $65,000 on Monday as investors reacted to developments in Russia's cryptocurrency legislation, which is nearing final approval and would establish a legal framework for using digital assets in international trade transactions.

The move marks another step in Russia's efforts to adapt its financial system following years of sanctions imposed by the United States and its allies. Since 2022, Moscow has increasingly explored alternative payment mechanisms as restrictions on Russian banks' access to the SWIFT international payments network have reshaped global trade flows.

Bitcoin traded at approximately $65,520 during Monday's session, gaining roughly 2% over a 24-hour period. Trading activity also increased significantly, with daily transaction volume rising to approximately $28 billion, according to market data cited by Blockchain News.

Russia's State Duma is scheduled to hold the second and third readings of the bill, titled "On Digital Currency and Digital Rights," on July 21. The legislation would formally permit Russian companies to use cryptocurrencies for cross-border settlements while continuing to prohibit their use as legal tender within the country, according to RBC Russia.

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Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, confirmed the parliamentary schedule to RBC Russia, noting that the legislation has advanced through a key committee stage.

The bill would classify cryptocurrencies as property rather than currency, preserving the Russian ruble's status as the country's sole legal tender. It would also eliminate wallet address declaration requirements that were included in earlier drafts while introducing oversight mechanisms for large outbound transfers.

If approved, the law's primary provisions are expected to take effect on Sept. 1, 2026. Russian officials have indicated that the framework is intended to provide exporters and importers with legal alternatives for settling international contracts.

The legislation arrives as Russia continues to deepen economic ties with countries including China, Turkey and India. Cross-border payments have become an increasingly important issue for Russian businesses following sanctions imposed after the invasion of Ukraine in 2022. According to Reuters, Russian companies have increasingly turned to national currencies and alternative financial arrangements to facilitate international trade.

Cryptocurrency has emerged as one of several tools being examined by governments seeking alternatives to traditional financial infrastructure. Russia's central bank had historically opposed broader cryptocurrency adoption but has become more supportive of limited use cases involving international commerce.

The timing of the legislation also coincides with growing institutional interest in Bitcoin globally. Earlier this month, BlackRock's spot Bitcoin exchange-traded fund continued to attract inflows, while Taiwan's policymakers discussed incorporating digital assets into reserve strategies, according to CoinDesk.