The Russian finance ministry has shared the updated and finalized crypto bill with the government, recommending that cryptocurrencies be accepted as legal tender.
A draft bill titled “On Digital Currency” has been finalized by the Ministry of Finance (MinFin) and has been sent to the government of Russia for approval. It clarifies regulations regarding cryptocurrency trading and mining.
In a recent announcement, Russia’s finance ministry announced the finalization of an impending crypto bill, giving regulatory clarity to circulate, issue, trade, mine, and perform other crypto-related activities.
The cryptocurrency community on Twitter responded with open arms to the unconfirmed reports of Russia legalizing cryptocurrencies on Apr 16.
The Russian Ministry of Finance (MinFin) has completed a draft bill called “On Digital Currency” and has sent it to the government for approval so that it can become law.
A local Russian newspaper reported that it had obtained the authentic final version of the draft law, which is what sparked the buzz around Russia legalizing crypto. The bill proposes accepting digital currencies “as a form of payment that is not the monetary unit of the Russian Federation”, which has not yet been passed into law by the Russian government.
The Russian government received the draft bill, but a formal announcement regarding its approval as a law is still awaiting, as there is no known timeline.
According to Kommersant, the bill also recommends building a regulatory framework for crypto-related activities while making sure operators share the same groundwork.
The president of Russia’s Chamber of Commerce and Industry, Sergei Katyrin, recently suggested collaborating with African nations to conduct cross-border settlements in crypto and central bank digital currencies (CBDCs). As part of the announcement announcing the finalized bill, the ministry disclosed that it clarified crypto regulations while considering the viewpoints of all other Russian government departments.