Russian Finance Ministry (MinFin) had recently made a draft final and named the bill ‘On Digital Currency’ which the department has now sent to the Government of Russia for its approval so that the bill is passed as a law. The draft that has been made on federal laws clearly states certain regulations which are related to the mining and trading of cryptocurrencies.
Crypto Twitter Community Is Very Happy With Russia’s Decision To Legalize Cryptocurrency
The Finance Ministry of Russia declared the finalization and amendment of a long-awaiting bill of crypto on 8th April with the objective of giving clarity about issuance, mining, trading, circulation, and other related activities that are present in the market of crypto.
There are some rumored reports about Russia finally legalizing crypto that came in the news on the 16th of April and then the crypto Twitter community welcomed this decision with open arms. As per sources from Kimmersant of Russia, the Central bank and the Government of Russia agreed to a deal regarding cryptocurrencies and from now on, crypto and bitcoin assets will be considered legal currencies by these organizations.
Changpeng Zhao, the CEO of Binance appreciated this move of the country considering all the sanctions that have been authorized against them presently. However, after some time, the Crypto Twitter community realized that they were celebrating a bit too soon, and hence CZ and other imminent personalities removed their tweets that cheered for the legal status of crypto in Russia.
Kommersant allegedly got the draft law in their possession and from there the news was all over the social media platforms. They also revealed that as per the bill, a regulatory framework will be constructed which will deal with crypto activities and will also share the elementary work for operators who are registered.
The President of the Chamber of Commerce and Industry, Sergei Katyrin, on 14th April gave a recommendation that Russia should cooperate with African countries for all the cross-border settlements to take place regarding crypto and CBDCs.