Russia’s Crypto Bill Confuses Crypto Community

1 month ago 14

Recently, social media posts claimed that Russia has “embraced crypto,” “legalized cryptocurrencies,” and “approved a bill on cryptocurrency mining.” These claims are mostly false. The confusion comes from a misunderstanding of Russian laws and the Kremlin’s vague statements about cryptocurrency.

Bitter Reality

Today, Russia’s lower house of parliament, the State Duma, passed a bill. This bill allows some Russian businesses to use cryptocurrency for international transactions. It does not allow cryptocurrencies for use within Russia.

The bill allows businesses to use cryptocurrency for international deals, not within Russia & also the bill needs more steps before it becomes law. It might start in September at the earliest.

The bill talks about cryptocurrency mining but not about trading or using it for payments in Russia. And also Bank of Russia, the central bank of the country, must create new systems for these transactions, but this is still being planned with no clear start date.

Misleading Claims

The false social media posts made many in the crypto community think that Russia had fully accepted and legalized cryptocurrency. This caused a lot of confusion.

Russia has always been careful about cryptocurrency. The Kremlin often makes vague statements without clear actions. This new bill is another example of Russia allowing limited use of cryptocurrency while keeping control over its use within the country.

The mix-up over Russia’s cryptocurrency bill shows how important it is to get accurate information about international laws. While the new bill allows some use of cryptocurrency for international deals, it does not mean full legalization or acceptance in Russia. The crypto community needs to stay informed and cautious about such news to avoid being misled.

Bitcoin price action

The current trade price of Bitcoin is $64,793 & this price level is 2.1% down over the last 24 hours. Notably the trade price of Bitcoin crashed 3 hours ago sharply under usual market sentiments.