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Russia begins with the process of legalizing crypto to fight western sanctions

Despite the scenario surrounding the Kremlin’s military invasion in neighbouring Ukraine, efforts to legalise and regulate cryptocurrency transactions continue in Russia. Today, an expert council supporting the crypto regulatory working group at the State Duma, Russia’s lower house of parliament, will convene to discuss new legislation.

The proposed law “On Digital Currency” will be discussed by the members of the body. The Ministry of Finance submitted the bill, which expresses its position on the issue. Unlike the Central Bank of Russia, the Treasury Department favours rigorous regulation of the business. The federal government and other organisations have approved its approach.

The Duma has announced the next meeting on Telegram, according to Bitnalog, a blog that advises Russians on how to pay their taxes on crypto income and earnings. It was originally set for Friday, but the source later informed channel subscribers that it had been rescheduled for Saturday, March 5. In January, the Bank of Russia suggested a blanket ban on most crypto-related activity in the Russian Federation, including payments, trading, and mining of digital currency. Experts will now attempt to address the group’s concerns, which include the need to protect investors and highlighted risks to the country’s financial stability.

Meanwhile, Ukraine has become increasingly reliant on cryptocurrency to support its defence and humanitarian missions. Millions of dollars in digital assets have been donated to the Kyiv government and volunteer organisations. The Ukrainian parliament passed a law “On Virtual Assets” to regulate the country’s crypto area shortly before hostilities began.

Do you think Russia will be able to counter the sanctions? Comment below.

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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