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Russia Prepares New Cryptocurrency Bill for Crypto Payments

According to Russian media, the draft law recommends accepting digital currencies “as a means of payment other than the monetary unit of the Russian Federation.” However, the government has yet to enact the draft. An official announcement regarding the legal effect of the law is expected, but no timetable is known, although the ministry has finalized the law and submitted it to the Russian government.

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The Russian Finance Ministry has unveiled a new draft law on cryptocurrencies. It recommends the use of cryptocurrencies as a means of payment, CoinTelegraph reports, citing local media source Kommersant. The ministry has drafted a bill “On Digital Currencies” and submitted it for government approval so that the bill can be passed as law.

The draft law clarifies the regulations on crypto mining, crypto sports betting, and the trading of cryptocurrencies such as Bitcoin. The ministry had announced it about ten days ago, but now it is a fact. The bill provides regulatory clarity regarding the issuance, circulation, mining, and trading of cryptocurrencies, as well as other activities in the market.

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Twitter users welcome the move

Founder of crypto exchange Binance Changpeng Zhao was among the first to welcome the move. Zhao said he was “surprised” given the high level of sanctions currently imposed on the country.

Shortly thereafter, Zhao and others deleted the tweets cheering the legal status of cryptocurrencies in Russia, admitting that they were probably published too hastily.

According to reports, Kommersant newspaper got its hands on the authentic final version of the draft law. According to Russian media, the draft law recommends accepting digital currencies “as a means of payment other than the monetary unit of the Russian Federation.” However, the government has yet to enact the draft.

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No timetable known

An official announcement regarding the legal effect of the law is expected, but no timetable is known, although the ministry has finalized the law and submitted it to the Russian government.

Kommersant’s report also highlighted that the bill provides the basis for registered operators and recommends the development of a regulatory framework for crypto-related activities.

In the announcement on the draft law, the ministry said it had clarified crypto regulations, taking into account the views of all other bodies of the Russian government.

This week, President of the Russian Chamber of Commerce and Industry suggested working with African countries to conduct cross-border settlements in central bank digital currencies (CBDCs) and cryptocurrencies.

Payments in bitcoin for oil and natural gas?

Russian Gas Company President Pavel Zavalny suggested that it may be possible to accept Bitcoin as a means of payment for oil and natural gas exports to counter international sanctions and resulting inflation.

Specifically, Zavalny recommended accepting payments not only in rubles, but also in Turkish lira, Chinese yuan, or even Bitcoin from “friendly countries.” However, “unfriendly countries” would have to pay in rubles or gold.

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(Featured image by WorldSpectrum via Pixabay)

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Anne Kings is a reporter for the financial sector, often tackling Wall Street and shareholders' interests. She also covers the intersection of media and technology, and delves into interesting topics on entertainment. Sometimes she also writes about the cannabis industry, in particular CBD and hemp. She is currently based in New York.