Crypto Twitter reacts as Russian gov’t reviews finalized crypto bill

A draft bill titled “On Digital Currency” was completed by the Russian Ministry of Finance (MinFin). It has been sent to the Russian government for its approval in order to become law. The federal law draft clarifies the regulations governing the mining and trading of cryptocurrencies.

April 8. 8: Russia’s finance ministry has announced that the amendment and finalization to an impending cryptocurrency bill was completed. This provides regulatory clarity regarding the circulation, issuance and trading of crypto currency.

Although unconfirmed reports that Russia had legalized cryptocurrency emerged early April 16, the vibrant crypto community on Twitter welcomed it with open arms.

BREAKING: According to Russia’s Kommersant, the Russian central bank and government have reached an agreement regarding cryptocurrencies. Both banks will treat crypto assets and bitcoin as currencies.
— Pomp (@APompliano), February 9, 2022

Changpeng Zhao, Binance CEO, was also the first to recognize the move. This is despite the many sanctions against the country.

Crypto Twitter quickly realized they were celebrating a bit too soon and CZ and other deleted their tweets cheering crypto’s legal status.

Kommersant, a local Russian newspaper, reported that they had obtained the final draft of the law. This sparked the buzz about Russia legalizing cryptocurrency. Local media reported that the bill suggested accepting digital currency as a payment method, even though it is not the Russian Federation’s monetary unit. This is still to be approved by the Russian government.

MinFin shared the draft bill with Russia’s government and completed it, but an official announcement about its approval is yet to be made. There’s no timeline.

Kommersant’s report highlighted the fact that the bill recommended building a regulatory framework to crypto-related activities and sharing the groundwork with registered operators.

April. 14 April, Sergei Katyrin (President of Russia’s Chamber of Commerce and Industry) recommended that African countries collaborate with Russia to conduct cross-border settlements of crypto and central bank digital currency (CBDCs) in crypto and central banks digital currencies. The ministry announced that it had clarified crypto regulations and listened to all departments of the Russian government in relation to the finalized bill.

Related: Russia’s energy chief claims that it will accept Bitcoin to pay for oil and gas

Pavel Zavalny, President of the Russian Gas Society, suggested that Bitcoin (BTC), could be accepted as payment for oil and gas exports in an effort to counter international sanctions and inflation.

Explosive. Russia now demands that Europe pays for gas in rubles. Russia supplies 40% of Europe’s gas. That’s 200-800 million euros per day. Putin basically says: You want to play sanctions You can either pay in rubles, or you can freeze.
— Richard Medhurst (@richimedhurst) March 23, 2022

Cointelegraph reported that Zavalny suggested accepting payments in Russian rubles and Chinese yuan or Turkish lira from “friendly” countries. However, unfriendly countries could pay for oil in rubles or in gold.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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