Russia bill could see crypto become legal tender

The Russian Ministry of Finance has finalised a crypto bill which has recommended using cryptocurrencies as legal tender.

CoinTelegraph cited local Russian local media source Kommersant regarding the news. The bill is named ‘On Digital Currency’ and has been sent to the government for approval to be passed into law.

According to Kommsersant, the draft clarifies provisions on mining and trading cryptocurrencies. The bill will provide regulatory clarity in the areas of issuing, circulating, mining and trading crypto as well as other market activities.

The bill recommends accepting digital currency ‘as a means of payment that is not the monetary unit of the Russian federation’.

The report by Kommersant also highlighted that the bill shares the groundwork for registered operators while recommending the development of a regulatory framework for crypto-related activities.

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