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Tag: Bill

  • Crypto Twitter reacts as Russian gov’t reviews finalized crypto bill

    Crypto Twitter reacts as Russian gov’t reviews finalized crypto bill

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    The Ministry of Finance (MinFin) of Russia finalized a draft bill named “On Digital Currency” and has sent it to the Russian government for approval to be passed as law. The draft of the federal law clarifies regulations related to the trading and mining of cryptocurrencies. 

    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. 

    While unconfirmed reports of Russia legalizing cryptocurrency surfaced early Apr 16, the thriving crypto community on Twitter welcomed the announcement with arms wide open. 

    Binance CEO Changpeng Zhao was also one of the first to acknowledge the move, given the numerous sanctions currently levied against the nation. 

    As the dust settled, Crypto Twitter soon realized that they’ve been celebrating just a little too early and soon, CZ and others deleted the tweets cheering for crypto’s legal status in Russia.

    The buzz around Russia legalizing crypto was sparked by a report from local Russian daily newspaper Kommersant, who reportedly got their hands on the authentic final version of the draft law. According to the local media, the bill recommended accepting digital currency “as a means of payment that is not the monetary unit of the Russian Federation,” which is yet to be passed as law by the Russian government.

    While MinFin finalized and shared the draft bill with the Russian government, an official announcement regarding its approval as the law is still awaited with no known timeline. 

    Kommersant’s report also highlighted that the bill recommends building a regulatory framework for crypto-related activities while sharing the groundwork for registered operators.

    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). In the announcement related to the finalized bill, the ministry disclosed to have clarified crypto regulations while considering the viewpoint of all other departments of the Russian government.

    Related: Russia‘s energy chief says it would accept Bitcoin for oil and gas

    In an ongoing to counter the international sanctions and the resultant inflation, president of the Russian Gas Society Pavel Zavalny hinted at the possibility of accepting Bitcoin (BTC) as payment for exporting oil and gas. 

    As Cointelegraph reported, Zavalny recommended taking payments in Russian rubles, Chinese yuan, Turkish lira, or even Bitcoin (BTC) from “friendly countries.” However, “unfriendly countries” could pay for their oil in rubles or gold.



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  • India misinterpreted private crypto ban, says crypto bill creator

    India misinterpreted private crypto ban, says crypto bill creator

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    The creator of India’s crypto bill, former Finance Secretary Subhash Garg, dismissed the notion of banning “private cryptocurrencies” as a misinterpretation while highlighting the enormous potential of cryptocurrencies and blockchain technology.

    The Parliamentary discussions around a controversial crypto bill sparked fears around the ban on cryptocurrencies, with no clear indication about the ban’s scope. As Cointelegraph reported, an episode of panic selling among Indian investors followed the announcement. In an interview with local news channel News 18, Garg clarified:

    “[The description of the crypto bill] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned and to intimate the government about the same.”

    He believes that the Indian government should formulate a bill after discussing it with stakeholders and crypto investors. Furthermore, the bill suggests banning private cryptocurrencies without clarifying what the word “private” stands for.

    As a result, the crypto community in India self-interpreted two different versions of the bill’s agenda — one that considers banning all non-government issued cryptocurrencies and the other that excludes cryptocurrencies running on the public blockchains such as Bitcoin (BTC) and Ethereum (ETH).

    Garg also pointed out a flaw in classifying cryptocurrencies as assets after underscoring the vast ecosystem powered by disruptive technology. He also said that crypto exchanges have limited interests and do not represent the entire community:

    “You don’t classify the wheat that you produce, you don’t classify the clothes you produce, as assets. That is too much of oversimplification to treat this as an asset.”

    On an end note, Garg added that the central bank digital currency (CBDC) initiatives, especially in countries like India, are complex. According to him, the government first needs to address challenges, including the unavailability of smartphones and digital wallet issuance.

    Related: Singaporean crypto exchange enters India amid regulatory uncertainty

    The Indian crypto market continues to attract international firms with the latest being Coinstore, a Singaporean crypto exchange. As Cointelegraph reported, Coinstore has allocated a $20-million fund to set up three new offices in the region.

    Speaking to Cointelegraph, Coinstore spokesperson was hopeful for the development of a positive crypto regulatory framework:

    “Strict KYC process, security requirement for exchanges, as well as gradual regulation of certain cryptocurrencies naturally protects the Indian users and would clarify the legality of certain cryptocurrencies.”