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Russia's Ministry of Finance (MinFin) has prepared a draft bill titled "On Digital Currency" and has sent it to the Russian government for approval before it can become legislation. The draft federal bill outlines restrictions governing cryptocurrency trade and mining.
On April 8, Russia's finance ministry announced the modification and finalization of an approaching crypto bill, which gives legislative clarity for crypto market circulation, issuance, trading, mining, and other activities.
While unsubstantiated reports of Russia legalizing cryptocurrencies surfaced early on April 16, the growing cryptocurrency community on Twitter greeted the announcement with warm arms.
— Pomp 🌪 (@APompliano) February 9, 2022
Binance CEO Changpeng Zhao was also one of the first to acknowledge the move, given the numerous sanctions currently levied against the nation.
As the dust settled, Crypto Twitter quickly realized that they'd been partying a little too soon, and CZ and others quickly deleted the tweets hailing crypto's legal status in Russia.
The hype surrounding Russia legalizing cryptocurrency was triggered by a report from the local Russian daily newspaper Kommersant, which allegedly obtained the authentic final text of the draft law. According to local media, the bill, which has yet to be passed into law by the Russian government, recommends adopting digital currency "as a method of payment that is not the monetary unit of the Russian Federation."
While MinFin prepared and shared the draft bill with the Russian government, an official announcement regarding the law's approval is still pending, with no known date.
According to Kommersant, the bill also advises developing a regulatory framework for crypto-related operations while sharing the groundwork for registered operators.
On April 14, Russia's Chamber of Commerce and Industry President Sergei Katyrin suggested partnering with African countries to perform cross-border settlements in crypto and central bank digital currencies (CBDCs). In a declaration about the finalized bill, the ministry stated that it simplified crypto legislation while taking into account the views of all other departments of the Russian government.
In a continuous effort to counter international sanctions and the resulting inflation, Russian Gas Society President Pavel Zavalny hinted at the prospect of accepting Bitcoin (BTC) as payment for oil and gas exports.
This rule applies to all “unfriendly” nations. Russia published a list of 48 “unfriendly” states a few weeks ago which includes the EU, U.S., Japan, Switzerland and Norway. (These are generally countries that have sanctioned Russia in the last weeks).
— Richard Medhurst (@richimedhurst) March 23, 2022
According to reports, Zavalny advised accepting contributions from "friendly countries" in Russian rubles, Chinese yuan, Turkish lira, or even Bitcoin (BTC). "Unfriendly countries" might, however, pay for their oil in rubles or gold.
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