Russia Proceeds With Efforts to Legalize Crypto Amid Sanctions Over Ukraine

admin admin

admin admin

Authorities in Russia are continuing their work to establish a comprehensive legal framework for crypto transactions. The efforts, which started before the military invasion of Ukraine, go on amid warnings that Moscow may use cryptocurrencies to evade expanding financial sanctions.

Expert Council Meets in Russia to Discuss Law ‘On Digital Currency’

Attempts to legalize and regulate operations with cryptocurrencies are ongoing in Russia, despite the situation surrounding the military assault the Kremlin launched in neighboring Ukraine. An expert council supporting the crypto regulatory working group at the State Duma, the lower house of parliament, is meeting today to review new legislation.

The members of the body will hold discussions on the draft law “On Digital Currency.” The bill was submitted by the Ministry of Finance and reflects its concept on the matter. Unlike the Central Bank of Russia, the treasury department favors legalizing the industry under strict rules. Its approach has been backed by the federal government and other institutions.

Bitnalog, a portal advising Russians on how to pay their taxes on crypto incomes and profits, has published an announcement by the Duma on Telegram about the upcoming meeting. It was originally supposed to take place on Friday, but the outlet later updated subscribers to its channel that it has been rescheduled for Saturday, March 5.

In January, Bank of Russia proposed a blanket ban on most crypto-related activities, including use in payments, trading, and mining of digital currencies in the Russian Federation. The experts will now try to address its concerns, including highlighted risks for the country’s financial stability and the need to protect investors.

The renewed push to fill regulatory gaps remaining after the law “On Digital Financial Assets” went into force last year, comes amid warnings that Russia might try to use cryptocurrencies to circumvent international sanctions. These include expulsion of Russian banks from SWIFT and restricting access to cryptocurrency platforms for Russian users.

Meanwhile, Ukraine itself has been increasingly relying on cryptocurrencies to fund its defense efforts and solve humanitarian problems. Millions in digital assets have been donated to the government in Kyiv and volunteer groups. Shortly before hostilities began, the Ukrainian parliament adopted a law “On Virtual Assets” to regulate the country’s crypto space.

You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.

Do you think Russia will accelerate the legalization of cryptocurrencies amid financial sanctions? Share your expectations in the comments section below.

Our motto is: ‘We stand for the truth, irrespective of who tells it’. Driven by this philosophy, our aim has been to create a platform where every voice, every narrative – provided they are decently expressed –  is allowed expression. Our belief is that by promoting unfettered competition of ideas, the truth will eventually emerge. Obviously, doing this while resisting any temptation to be captured by any special interest or tendency makes survival as an online newspaper more challenging. This is why we will appreciate any support from our readers:

Bank details:

Account Name: The News Chronicle
Bank: UBA
Account No.: 1022603956 (Naira)

Domiciliary Account  – dollar-denominated:
Bank:  UBA
Account Number: 3002835294 ($)

Please email details of your bank transfer to: publisher@thenews-chronicle.com or send them by WhatsApp to: 07058078841

Professor Jideofor Adibe


Comments 3

  1. Crypto Mugu says:

    This will be boom to the Cryptocurrency market.
    This will rise the prices of coins upto 40%.
    Anyone who wish to buy should buy now.

    • Makos says:

      I agree with you.
      Many will not believe it.
      The price as of yesterday indicate a significant sign to the market.

  2. Kerrico says:

    Pls I have subscribed to this news update.
    Pls keep us posted.
    With every latest info.
    Thanks admin.

Leave a Reply

Your email address will not be published.

Related Posts


What's New?