The Russian Ministry of Finance (MinFin) has finalized a draft law titled “On Digital Currency” and submitted it to the Russian government for approval to become law. The draft federal law clarifies regulations related to cryptocurrency trading and mining.
On April 8, the Russian Ministry of Finance announced the amendment and finalization of an upcoming crypto law that will provide regulatory clarity regarding circulation, issuance, trading, mining, and other activities in the crypto market.
As unconfirmed reports of cryptocurrency legalization in Russia surfaced early on April 16, the thriving crypto community on Twitter welcomed the announcement with open arms.
BREAKING: According to Russia’s Kommersant, the Russian government and central bank have just reached an agreement on cryptocurrencies.
Both organizations will treat bitcoin and crypto assets as currencies.
— Pomp 🌪 (@APompliano) February 9, 2022
Binance CEO Changpeng Zhao was also one of the first to acknowledge the move given the numerous sanctions currently being imposed on the nation.
The excitement surrounding the legalization of crypto in Russia was sparked by a report from local Russian newspaper Kommersant, which reportedly got its hands on the authentic final version of the draft law. According to local media, the bill recommended accepting digital currency “as a means of payment that is not the monetary unit of the Russian Federation,” which has yet to be enacted into law by the Russian government.
When the dust settled, Crypto Twitter soon realized that they had celebrated a little too soon and soon deleted the tweets cheering crypto’s legal status in Russia.
While MinFin has finalized the draft law and submitted it to the Russian government, it has yet to make an official announcement regarding its approval as law, with no known timeline.
Kommersant’s report also highlighted that the bill recommends building a regulatory framework for crypto-related activities while sharing the basics for registered operators.
On April 14, Sergei Katyrin, President of the Russian Chamber of Commerce and Industry, recommended cooperation with African countries in conducting cross-border settlements in crypto and central bank digital currencies (CBDCs). In the announcement related to the final draft law, the ministry announced that it had clarified crypto regulations while taking into account the point of view of all other departments of the Russian government.
Related: Russia’s energy chief says it would accept bitcoin for oil and gas
In an ongoing fight against international sanctions and the resulting inflation, Russian gas company President Pavel Zavalny hinted at the possibility of accepting Bitcoin (BTC) as payment for oil and gas exports.
Russia is now demanding that Europe pay for gas in rubles.
Europe gets 40% of its gas from Russia. That is 200-800 million euros per day.
Basically, Putin is saying: You want to play sanctions? Either pay in rubles or freeze.
— Richard Medhurst (@richimedhurst) March 23, 2022
As Cointelegraph reported, Zavalny recommended accepting payments in Russian rubles, Chinese yuan, Turkish lira, or even Bitcoin (BTC) from “friendly countries.” However, “unfriendly countries” could pay for their oil in rubles or gold.
https://cointelegraph.com/news/crypto-twitter-reacts-as-russian-govt-reviews-finalized-crypto-bill Crypto Twitter reacts as Russian government fails to verify final crypto bill