Binance CEO Changpeng Zhao has just confirmed that Russia will legalize crypto payments. Here is what he tweeted Russia will legalize crypto for payments. Surprise surprise.
Russia will legalize crypto for payments. Surprise surprise.
— CZ 🔶 Binance (@cz_binance) April 15, 2022
The members of the crypto working group and the expert council discussed the draught law ‘On Digital Currency.’ In February, the Russian Ministry of Finance created and submitted a new bill titled “On Digital Currency,” which would broaden crypto regulations by permitting investment in cryptocurrencies while barring their use in payments. On the one hand, the Russian Central Bank has advocated for a blanket ban on cryptocurrencies, while the Treasury Department and the federal government have supported the industry’s legalisation under strict rules.
Many western countries, notably the United States, are concerned that Moscow would utilise cryptocurrencies to evade the country’s expanding financial sanctions. So far, the EU, the United States, the United Kingdom, and other allies have prohibited some Russian banks from using Swift, an international payment system. Meanwhile, on February 17, Ukraine passed a measure to legalise cryptocurrencies, despite mounting fears of war with Russia, in order to make it simpler for Ukrainians to utilise cryptocurrencies.
