Russian Ministry Of Finance Completes Bill On Digital Currency That Could Legalize Crypto

JAKARTA - The Russian Ministry of Finance (MinFin) has finalized a draft law called “On Digital Currency” and has sent it to the Russian government for approval to be passed into law. This federal draft law clarifies regulations related to cryptocurrency trading and mining.

On April 8, the Russian Ministry of Finance announced the amendment and finalization of the upcoming crypto bill, which provides regulatory clarity regarding circulation, issuance, trading, mining and other activities in the crypto market.

Meanwhile, unconfirmed reports about Russia legalizing cryptocurrencies emerged as early as April 16. The thriving crypto community on Twitter welcomed the announcement with wide open arms.

Binance CEO Changpeng Zhao was also one of the first to acknowledge the move, given the sheer number of sanctions currently being imposed on the country.

As the rumors died down, Crypto Twitter soon realized they were celebrating a little too early, and soon, CZ and others deleted the tweet in favor of crypto's legal status in Russia.

The rumors surrounding Russia legalizing crypto were fueled by a report from the local Russian daily newspaper, Kommersant, which reportedly obtained the final and authentic version of the bill.

According to this local media, the bill recommends accepting digital currency “as a means of payment that is not a monetary unit of the Russian Federation,” which has not yet been passed as law by the Russian government.

While MinFin is finalizing and sharing the draft law with the Russian government, an official announcement of its approval of the law is still pending, indefinitely.

The Kommersant report also highlights that the bill recommends establishing a regulatory framework for crypto-related activities while sharing the groundwork for registered operators.

On April 14, Sergei Katyrin, President of the Russian Chamber of Commerce and Industry, recommended collaborating with African countries to carry out cross-border settlements in crypto digital currencies and central banks (CBDC).

In an announcement related to the finalized bill, the ministry revealed it has clarified the crypto regulations while taking into account the point of view of all other departments of the Russian government.

In an effort to counter international sanctions and the resulting inflation, the president of the Russian Gas Society, Pavel Zavalny, hinted at the possibility of accepting Bitcoin (BTC) as payment for exporting oil and gas.

As Cointelegraph reports, Zavalny recommends accepting payments in Russian rubles, Chiba yuan, Turkish lira, or even Bitcoin (BTC) from “friendly countries.” However, "unfriendly countries" could pay for their oil in rubles or gold.