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Wednesday, August 10, 2022

Crypto Twitter Community Is Happy With Russia Legalizing Cryptocurrency

The Finance Ministry of Russia recently shared the finalized and amended bill of crypto with the officials of the Government with the view to considering cryptocurrencies as a legal currency. The Ministry of Finance also known as MinFin has completed the draft of the bill which is called the ‘On Digital Currency’ and it has been given to the Government of Russia for their approval which will make this a law. 

The Government Of Russia Will Give The Final Decision About Cryptocurrency 

This draft contains all the regulations regarding the mining and trading of cryptocurrencies and they are specified with clarity. This news of the finalization of the draft came on the 8th of April and the draft provides clarity regarding issuance, mining, circulation, trading, and other related activities that are conducted in the market of cryptocurrency

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The rumors were circulating on social media from 6th April and the Twitter Crypto community welcomed the decision in Russia with open arms. As per Kommersant, the news channel of Russia, a deal has been made between the Central bank and the Government of Russia regarding crypto as a result of which both crypto and bitcoin assets will be considered legal tender. 

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. 

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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.

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