The Russian Ministry of Finance has finalized a cryptocurrency bill that promotes the use of cryptocurrencies as legal tender. The bill explains cryptocurrency mining and trading regulations. According to Kommersant, it also suggests the creation of a legal framework for crypto-related enterprises. The legislation defines the legislative requirements for producing, circulating, mining, and trading cryptocurrencies. Russian Gas Society President Pavel Zavalny indicated that accepting Bitcoin as payment for oil and gas may be feasible.
Russian Ministry of Finance has finalized a cryptocurrency bill
The Russian Ministry of Finance has changed and finalized a crypto bill that encourages the use of cryptocurrencies as legal tender. Before it became law, the ministry drafted a bill titled “On Digital Currency” and submitted it to the government for approval.
The proposal clarifies regulations pertaining to cryptocurrency mining and trading. The ministry published this declaration about 10 days ago, but it is now official.
The legislation defines the legislative requirements for producing, circulating, mining, and trading cryptocurrencies, as well as other market operations.
Changpeng Zhao and Anthony Pompliano were among the first to spot the difference.
Soon after, Zhao and others apologized for hurriedly tweeting about cryptocurrency’s legal status in Russia. The publication Kommersant received the final form of the written bill. According to Russian media, the measure encourages the use of digital money “as a form of payment other than the monetary unit of the Russian Federation.”
It also proposes the development of a legal framework for crypto-related operations, Kommersant reports.
The ministry noted in a notice regarding the finalized bill that it simplified crypto legislation while taking into account the views of all other Russian government bodies.
The President of Russia’s Chamber of Commerce and Industry, Sergei Katyrin, recommended that Russia partner with African countries conduct cross-border payments in central bank digital currencies (CBDCs) and bitcoin.
In a continuous effort to avoid international sanctions and the resulting inflation, Russian Gas Society President Pavel Zavalny indicated that accepting Bitcoin as payment for oil and gas exports may be feasible.
Zavalny recommended accepting payments in “friendly currencies” such as Turkish lira, Chinese yuan, or even Bitcoin. “Unfriendly countries” may, on the other hand, price oil in rubles or gold.
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