Russia’s finance ministry shared with the government the amended and finalized crypto bill, which recommends using cryptocurrencies as legal tender.
The Russian Ministry of Finance (MinFin) has finalized a draft bill titled “On Digital Currency” and has submitted it to the Russian government for approval to become law. The draft federal law clarifies regulations governing cryptocurrency trading and mining.
While unconfirmed reports of Russia legalizing cryptocurrency surfaced early on April 16, the thriving cryptocurrency community on Twitter greeted the announcement with open arms.
On April 8, Russia’s finance ministry announced the amendment and finalization of an impending crypto bill, which provides regulatory clarity regarding crypto market circulation, issuance, trading, mining, and other activities.
Given the numerous sanctions currently imposed on the country, Binance CEO Changpeng Zhao was among the first to acknowledge the move.
As the dust settled, Crypto Twitter quickly realized that they’d been celebrating a little too soon, and CZ and others quickly deleted the tweets celebrating crypto’s legal status in Russia.
The buzz surrounding Russia legalizing cryptocurrency was sparked by a report from the local Russian daily newspaper Kommersant, which allegedly obtained the authentic final version of the draft law. According to local media, the bill, which has yet to be passed into law by the Russian government, recommends accepting digital currency “as a means of payment that is not the monetary unit of the Russian Federation.”
While MinFin finalized and shared the draft bill with the Russian government, an official announcement regarding the law’s approval is still pending, with no known timeline.
According to Kommersant, the bill also recommends developing a regulatory framework for crypto-related activities while sharing the groundwork for registered operators.
On April 14, Russia’s Chamber of Commerce and Industry President Sergei Katyrin suggested collaborating with African countries to conduct cross-border settlements in crypto and central bank digital currencies (CBDCs). In an announcement about the finalized bill, the ministry stated that it clarified crypto regulations while taking into account the views of all other departments of the Russian government.
In an ongoing effort to counter international sanctions and the resulting inflation, Russian Gas Society President Pavel Zavalny hinted at the possibility of accepting Bitcoin (BTC) as payment for oil and gas exports.