Russia’s Finance Ministry finalized draft law on digital currencies

The document provides for the creation of comprehensive regulation of the cryptocurrency market

08.04.2022 - 10:30

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What’s new? The Ministry of Finance of Russia has finalized and submitted a draft federal law “On Digital Currency” to the government for consideration. According to a press release from the department, the document has clarified and concretized some provisions, including those related to mining.

Press release of the Ministry of Finance of the Russian Federation

The draft law “On Digital Currency.” The document prescribes a system for regulating the cryptocurrency market, including the rules for transactions with digital currencies and their issuance. The law also defines the specifics of the activities of cryptocurrency market entities.

Discussion of cryptocurrencies in Russia. Earlier, Russian Prime Minister Mikhail Mishustin said that more than 10 million Russians have purchased cryptocurrency. According to his data, Russian citizens have invested more than 10 trillion Russian rubles in digital assets.

Ksenia Yudaeva, Deputy Chairman of the Central Bank, equated digital assets with Ponzi schemes. She is concerned that cryptocurrencies can replace the ruble as the primary means of payment. The State Duma also allowed cryptocurrencies to be recognized as property. The amendments to the Tax Code of the Russian Federation could be adopted by the end of July 2022.

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