Crypto Twitter responds as Russian government surveys confirmed crypto bill

April 18, 2022

Bank of Russia

Crypto Twitter responds as Russian government surveys confirmed the crypto bill

The Ministry of Finance of Russia confirmed a draft bill called – On Digital Currency and has sent it to the Russian government for authorization to be passed as law. The plan of the national law clarifies legislation associated with the trading and mining of digital currencies.

Russia’s finance ministry declared the modification and finalization of an upcoming crypto bill, which furnishes regulatory clarity associated to the circulation, issuance, trading, mining and other actions within the crypto market. While unconfirmed announcements of Russia legalizing digital currency occurred early Apr 16. The thriving crypto community on Twitter greeted the announcement with open arms.

Binance CEO Changpeng Zhao was also one of the 1st to accept the move, given the various sanctions nowadays imposed against the country. The gossip around Russia legalizing crypto was provoked by a report from local Russian daily newspaper Kommersant, which got its hands on the factual final edition of the draft law. As per the local media, the bill approved accepting cryptocurrency as a mode of payment.

While the Ministry of Finance confirmed and shared the draft bill with the Russian government, an authorized announcement heeding its authorization as the law is however anticipated with no known timeline. Kommersant’s announcement also brought out that the bill approves building a regulatory framework for crypto-related actions while dealing with the groundwork for registered operators.

Sergei Katyrin, President of Russia’s Chamber of Commerce and Industry, suggested collaborating with African nations for performing cross-border settlements in crypto and central bank digital currencies or CBDCs. In the statement related to the confirmed bill, the ministry revealed to have explained crypto regulations while evaluating the opinion of all other offices of the Russian government.

In an ongoing way to acknowledge the worldwide sanctions and the consequent inflation, president of the Russian Gas Society Pavel Zavalny implied the probability of approving Bitcoin as payment for exporting oil and gas.

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