Crypto Twitter Comments On The Transfer Of The Russian Cryptocurrency Bill To The GovernmentKiana Griffin
The Ministry of Finance of Russia handed over to the government an amended and finalized bill on cryptocurrencies. Twitter users mistakenly thought it recommended the use of cryptocurrencies as “legal tender”. But the wording is somewhat different.
Earlier on April 8, the Russian Ministry of Finance announced the amendments and finalization of the upcoming cryptocurrency bill, which provides clarity on the regulation regarding circulation, issuance, trading, mining and other activities in the cryptocurrency market.
The Ministry of Finance finalized the bill “On Digital Currency” and sent it to the Russian government for approval to be adopted as a law. The draft federal law clarifies the rules related to the trading and mining of cryptocurrencies.
When unconfirmed reports of cryptocurrency legalization in Russia surfaced early on April 16, the thriving crypto community on Twitter welcomed the announcement with open arms.
“LIGHTNING: The Russian government and the central bank have just reached an agreement on cryptocurrencies, according to the Russian Kommersant. Both organizations will treat bitcoin and crypto assets as currencies,” Anthony Pompiliano tweeted.
Binance CEO Changpeng Zhao was also one of the first to acknowledge the move given the multiple sanctions currently placed on the country.
Soon all the dust had settled and crypto twitter realized that they started celebrating too early and soon CZ and others deleted tweets welcoming the legal status of cryptocurrency in Russia.
The hype surrounding the legalization of cryptocurrencies in Russia was sparked by a report from the local daily Russian newspaper Kommersant, which reportedly received the original final version of the bill. According to media reports, the bill recommended accepting digital currency “as a means of payment that is not the monetary unit of the Russian Federation,” but the bill has yet to be approved by the Russian government.
Thus, although the Ministry of Finance finalized the bill and submitted it to the Russian government, the official announcement of its approval as a law is still pending, and the timing is unknown.
The Kommersant report also highlights that the bill recommends creating a regulatory framework for cryptocurrency-related activities, while highlighting the basis for registered operators.
On April 14, Sergey Katyrin, President of the Russian Chamber of Commerce and Industry, recommended working with African countries to conduct cross-border settlements in cryptocurrency and central bank digital currencies (CBDC). In an announcement regarding the finalized bill, the ministry said it clarified the rules for cryptocurrencies, taking into account the views of all other departments of the Russian government.
Continuing to oppose international sanctions and the resulting inflation, Pavel Zavalny, Chairman of the State Duma Committee on Energy, hinted at the possibility of accepting bitcoins (BTC) as payment for oil and gas exports .