Crypto Twitter reacts as Russian gov’t reviews finalized crypto bill
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On Friday, Russia’s ministry of finance submitted a finalized bill on the regulation of cryptocurrencies in Russia.
According to a report by Kommersant, the bill which is titled “On Digital Currency” contains a detailed regulatory framework on the circulation of cryptocurrencies and for the first time, “touches upon mining in detail,” opening up new opportunities for Bitcoin miners who currently fall in the regulatory grey zone.
Apart from providing the legal framework for the circulation and issuance of cryptocurrencies, the draft bill also introduces requirements for certification, identification, and accounting for entities who would like to open digital asset businesses in Russia.
Most notably, the draft law says that digital currency can be accepted “as a means of payment that is not the monetary unit of the Russian Federation”. The bill recognizes further cryptocurrencies as legally accepted investment vehicles.
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