Russia’s New Crypto Bill to Promote Crypto Payments

  • Russia’s new crypto bill is all ready and will be passed soon.
  • Promotes crypto payments evidently, including BTC.
  • Regulations for mining and exchanges revised drastically.

The Ministry of Finance of Russia has been working upon their new crypto bill, even before the raging war of Russia on Ukraine. Though the new crypto bill is specifically towards the acceptance of crypto as means of payments, many other attributes have been added too. 

Accordingly, sources have confirmed that the Ministry of Finance is indeed completely done with devising the new bill. This new bill is expected to be passed out soon officially, with no restrictions against it.

Russia’s New Bill

With the onset of the new bill, crypto will be officially considered as a means of payment. At the same time, crypto assets will not be considered as a monetary unit under Russia. The news has been put out officially by one of the prominent newspapers of Russia on 15th April, 2022. 

In addition to all this, crypto assets will be considered as investments legally. On the other hand, the acceptance of crypto payments tends to mean that not all cryptos will be accepted. Only those which are irrespective of not compelling towards an individual alone will be considered legal. 

In such terms, anyone in Russia could use the Bitcoin (BTC) as a means of payment, but not a stablecoin like USDT. Furthermore, the list of cryptos that are to be accepted as legal means of payments will also be determined upon the bill. 

Moreover, the new bill has clearly laid out new revisions for an exchange to be valid enough to operate in Russia. In such terms, exchanges have to initially pay a fee of 30 million rubles and further to show an overall transaction of 100 million rubles from time to time for the license. 

Furthermore, rules and regulations for mining firms in Russia, have been also revised and depicted clearly too. Such drastic turn towards comparatively higher crypto support by Russia ought to be also direct effects of Russia’s war on Ukraine.

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.