Russia’s Ministry of Finance Submits Bitcoin Bill Proposal

Russia’s Ministry of Finance Submits Bitcoin Bill Proposal

by Ras Vasilisin
23. February 2022
Russia’s Ministry of Finance Submits Bitcoin Bill Proposal

Russia’s Ministry of Finance has submitted a draft bill on Bitcoin regulation in the country, weeks after the government approved the concept of creating legislation specifically for cryptocurrencies.

“The use of digital currencies as a means of payment on the territory of the Russian Federation will continue to be prohibited,” the Ministry of Finance said in a statement Monday. “Under the proposed regulation, digital currencies are considered solely as an investment vehicle.”

The draft bill comes after an intense dispute between the Bank of Russia and the Ministry of Finance, which hold opposing views regarding the optimal future of bitcoin and cryptocurrency regulation in the country. While the ministry has strived to accommodate the burgeoning technology into a legal framework, the central bank has called once and again for a complete ban on the trading and mining of bitcoin.

Earlier this month, the Russian government gave the ministry the green light to propose a bill encompassing the regulation of cryptocurrency, effectively discarding the Bank of Russia’s suggestions that the proliferation of bitcoin should not be allowed in the country and outlining an initial plan for the legislation.


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