Is Russia about to legalize cryptocurrencies?

Hi HODLers,

On Apr. 8, Russia’s finance ministry announced the amendment and finalization of an impending crypto bill, which provides:

• regulatory clarity related to the circulation,
• issuance,
• trading, mining and
• other activities within the crypto market

Since April, 16th there has been reports claiming Russia is close to legalizing cryptocurrencies.

These reports come from a newspaper calle Kommersant which claimed to have gotten their hand on the final bill. Link to their article here.

In any case, this bill would have to pass but knowing how Russian government works, if it has been drafted, it will probably pass.

This is a positive (another country which as anti-crypto turning positive to it) but also quite negative as Russia is the #1 enemy of the West at the moment and it will strenghten anti-crypto narratives "used to evade sanctions", "used by terrorists" and "used for money-laundering".

On another related topic, on Apr. 14, Sergei Katyrin, President of Russia’s Chamber of Commerce and Industry, recommended

collaborating with African countries for conducting cross-border settlements in crypto and central bank digital currencies (CBDCs)

Stay safe out there,

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