The Russian Ministry of Finance (MinFin) has completed a draft bill titled “On Digital Currency” and forwarded it to the Russian government for approval before becoming legislation. The proposed federal bill outlines regulations governing cryptocurrency trade and mining.

On April 8, Russia’s finance ministry reportedly announced the modification and finalization of an upcoming crypto bill, which clarifies legal requirements for crypto market circulation, issuance, trading, mining, and other operations.

Early on April 16, unsubstantiated claims of Russia legalizing cryptocurrencies appeared, and the burgeoning crypto community on Twitter greeted the news with open arms.

Given the multiple restrictions presently imposed on the country, Binance CEO Changpeng Zhao was one of the first to recognise the action.

As the dust cleared, Crypto Twitter realized they’d been celebrating a bit too soon, CZ and others quickly removed the tweets praising cryptocurrency’s legal status in Russia.

A story from local Russian daily newspaper Kommersant, which supposedly got their hands on the actual final form of the draft bill, started the excitement over Russia legalizing crypto. According to local media, the bill, which has yet to be enacted into law by the Russian government, recommends adopting digital currency “as a means of payment that is not the monetary unit of the Russian Federation.”

Despite the fact that MinFin completed and presented the draft bill with the Russian government, no formal notification regarding its acceptance as a law has been made, and no timetable has been set.

The bill reportedly calls for the creation of a regulatory framework for crypto-related operations, as well as the sharing of the foundation for registered operators.

On April 14, Russia’s Chamber of Commerce and Industry President Sergei Katyrin suggested partnering with African countries to perform cross-border payments in crypto and central bank digital currencies (CBDCs). In a statement announcing the finished law, the ministry stated that it simplified crypto legislation while taking into account the views of all other Russian government agencies.
President of the Russian Gas Society Pavel Zavalny hinted at the prospect of accepting Bitcoin (BTC) as payment for oil and gas exports as part of a continuing effort to combat international sanctions and the resulting inflation.