Russia’s finance ministry supplied the government with the updated and finished crypto law, which promotes the use of cryptocurrencies as legal cash.
Russia’s Ministry of Finance (MinFin) has finished a draught bill titled “On Digital Currency” and submitted it to the Russian government for approval before becoming legislation. The proposed federal bill outlines restrictions governing cryptocurrency trade and mining.
On Apr. 8, Russia’s finance ministry announced the modification and finalization of an approaching crypto law, which clarifies legal requirements for cryptocurrency circulation, issuance, trading, mining, and other market operations.
While unsubstantiated rumors of Russia legalizing cryptocurrencies broke early on Apr 16, the vibrant cryptocurrency community on Twitter greeted the news with open arms.
Changpeng Zhao, CEO of Binance, was also one among the first to admit the decision, considering the nation’s present slew of penalties.
As the dust cleared, Crypto Twitter quickly realized they’d been celebrating a bit too soon, and CZ and others quickly erased posts praising cryptocurrency’s legal status in Russia.
The hype around Russia’s potential legalization of cryptocurrency was triggered by a story by local Russian daily newspaper Kommersant, which claimed to have obtained an official final version of the draught bill. According to local media reports, the bill recommends adopting digital currency “as a form of payment that is not the Russian Federation’s monetary unit,” but has not yet been enacted into law by the Russian government.
While MinFin has finished and presented the draught bill with the Russian government, no formal statement on the bill’s approval as a law has been made, and there is no known date.
According to Kommersant, the bill also advises developing a regulatory framework for cryptocurrency-related operations while also laying the basis for registered operators.
On April 14, Sergei Katyrin, President of Russia’s Chamber of Commerce and Industry, advocated partnering with African nations to perform cross-border crypto and central bank digital currency settlements (CBDCs). The ministry said in a notice on the finished law that it simplified crypto rules while taking into account the views of all other Russian government agencies.
To combat international sanctions and the resulting inflation, Russian Gas Society President Pavel Zavalny hinted at the prospect of accepting Bitcoin (BTC) as payment for oil and gas exports.
Zavalny advocated accepting payments in Russian rubles, Chinese yuan, Turkish lira, or even Bitcoin (BTC) from “friendly nations,” as Cointelegraph reported. However, “hostile nations” might pay in rubles or gold for their oil.