The Reports Requested by the Russian Ministry of Finance on Crypto Legality Have No Truth

• – The Russian Ministry of Finance has been on the agenda recently with the issue of crypto legality. Especially with the proposal of the Russian Ministry of Finance to use cryptocurrencies as legal tender, this issue has received an important place in the media.
• – According to the latest situation, with the announcement of many media organizations, the ministry is preparing to make a move with tokens. However, it is also seen that the media organizations that make such claims don’t have supported sources.

It has been seen that it came after the crypto legislation carried out by high-level parliamentarians regarding the confusion in this situation. Media outlet Kommersant revealed the report, claiming to have received the updated version. However, in the report published by Kommersant, it is seen that a situation didn’t arise with Bitcoin becoming a legal tender.

According to the situation in the media outlet’s statement, the ministry is progressing assertively on the legalization of digital currencies as a form of payment. However, according to the ministry’s statements, such digital currencies are not considered the currency of the Russian Federation.

Updates Made by the Russian Federation on Crypto

According to the latest situations and media statements, bitcoin has the same status as the fiat US dollar in El Salvador. If the crypto is located in Russia and is used for payments, in such a case tokens such as BTC parity will not be monetized in rubles.

• – The accuracy of the documents realized and published by Kommersant has not been verified by the ministry. This verification is usually done by Kommersant sources with experience in the crypto industry.
• – As seen in the Ministry’s statements, the draft has been updated. However, there was no mention of crypto being legal tender in the updates. Instead of these explanations, the ministry mentioned the procedure of transacting with digital currencies and the issuance of these currencies. They also added the comprehensive regulations that are planned to take place in the crypto money markets in their statements.

Real Situation Analysis in Russia

The most prominent among the conversations about the real state of the situation in Russia is that if there is a return about the fact that crypto shouldn’t be used as a form of payment in Russia, it should make a statement on this subject. Uncertainty brings an intense process against efforts to create specific legislation in the cryptocurrency world. One of the most important reasons for this is that many politicians use ambiguous terms on the subject, including digital assets, and digital currencies. Due to such situations, there will be no detailed process on the subject until the ministry gives clarity about the permissions for the payments and the permissions of the digital assets.

• – Although the Central Bank has information to say on the subject, it is also possible that harsh statements have been made according to the developments. Especially according to the report from Nezavisimaya, it is seen that the industrial players of the Central Bank are willing to allow crypto mining. However, according to the vice president who made a statement on this subject, it is prominent that the Central Bank is advancing hard on crypto.
• – According to some information contained in their statement, crypto does not play an effective role to evade Western sanctions. For this reason, vice president also stated that the bank could be taxed and that the increase in the Treasury’s coffers would form a basis for the development of mining to benefit.