Russia Efforts To Legalize Cryptocurrency – Elon Musk’s Starlink Will Not Block Russia

Authorities in Russia are working to create a comprehensive regulatory framework for cryptocurrency transactions.

Despite the situation surrounding the Kremlin’s military strike against neighboring Ukraine, efforts to legalize and regulate cryptocurrencies continue in Russia. A panel of experts supporting the working group on cryptocurrency regulation in the lower house of the State Duma is meeting to consider the new legislation.

The Council will hold talks on the Digital Currency Bill. The bill was presented by the Treasury Department and reflects its position on the issue. Unlike the Central Bank of Russia, the Ministry of Finance advocates legalizing the industry under strict rules. His approach was supported by the federal government and other organizations.

In January, the Central Bank of Russia proposed a blanket ban on most crypto-related activities, including payments, trading, and mining in the Russian Federation. Experts will now seek to address their concerns, including the risks to the country’s financial stability and the need to protect investors.

The new development aims to fill the regulatory loopholes created after the enactment of the Digital Financial Assets Law last year, which comes amid warnings that Russia may be attempting to use cryptocurrencies to evade international sanctions bypass.

Meanwhile, Ukraine itself is increasingly relying on cryptocurrencies to fund defense efforts and address humanitarian issues. Millions of digital assets have been donated to government and volunteer groups. Shortly before the conflicts began, Ukraine’s parliament passed a “Virtual Assets” law to regulate the country’s crypto space.

Alex Bornyakov, Ukraine’s Deputy Digital Transformation Minister, said the country spent $15 million in crypto donations on combat gear, including bulletproof vests, food, bandages and night vision goggles, which were delivered on Friday.

While some providers accept cryptocurrencies, others only accept euros or dollars, requiring the conversion of some crypto holdings into these fiat currencies.

Elon Musk: Starlink will not block Russian news media

Tesla CEO Elon Musk said that Starlink would not block Russian news media as it would restrict freedom of expression — a decision consistent with Bitcoin’s freedom principles.

“Starlink has been informed by several (non-Ukrainian) governments that it will block Russian news sources. We won’t do this unless we have guns. Sorry to be a libertarian. ”

Starlink is the satellite internet division of aerospace company SpaceX, which Musk owns. The company has more than 1,469 Starlink satellites in operation, with another 272 expected to enter operational orbit soon.

Several tech giants, including Apple, Google, Meta (formerly Facebook), Twitter and YouTube, have banned Russian news organizations like RT and Sputnik from tracking Russia’s “special military activities” in the region.

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