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The Russian finance ministry provided the government with the updated and approved crypto law, which promotes using cryptocurrencies as legal cash.
The Russian Ministry of Finance (MinFin) has completed a draft bill entitled "On Digital Currency" and submitted it to the Russian government for approval. The draft of the federal law specifies restrictions around cryptocurrency trade and mining.
The Russian Ministry of Finance announced the revision and finalization of an upcoming crypto bill on April 8. The measure offers legislative clarity for the circulation, issuance, trading, mining, and other activities within the crypto market.
As unverified rumors of Russia legalizing cryptocurrencies appeared early on Apr. 16, the growing crypto community on Twitter greeted the news with open arms.
Given the multiple sanctions against the nation, Binance’s CEO Changpeng Zhao was also among the first to acknowledge the move.
As the dust cleared, Crypto Twitter recognized that their celebrations were premature, and CZ and others quickly removed their tweets praising crypto’s legal status in Russia.
The hype surrounding the legalization of cryptocurrency in Russia was triggered by a story from the local newspaper Kommersant, which supposedly obtained an accurate copy of the law’s final form. According to local media, the measure recommends adopting digital currency “as a form of payment that is not the monetary unit of the Russian Federation.” The Russian government has not yet enacted the bill into law.
While MinFin has finished and presented the draft bill to the Russian government, an official announcement on the bill’s approval as a law is still pending with no known timetable.
The article from Kommersant further emphasized that the law supports constructing a regulatory framework for crypto-related activity and sharing the foundation with registered companies.
President of the Russian Chamber of Commerce and Industry Sergei Katyrin advocated partnering with African nations to undertake cross-border payments in crypto and central bank digital currencies on April 14. (CBDCs). In releasing the finished law, the ministry acknowledged that it has simplified crypto rules while taking the perspectives of all other Russian government agencies into account.
In a continued effort to combat international sanctions and the resulting inflation, Pavel Zavalny, head of the Russian Gas Society, has hinted at the idea of accepting Bitcoin (BTC) for oil and gas exports.
According to Cointelegraph, Zavalny advised accepting payments from “friendly countries” in Russian rubles, Chinese yuan, Turkish lira, and even Bitcoin (BTC). However, “hostile nations” might pay in rubles or gold for their oil.