intended to allow the issuance of in Russia, a prominent deputy clarified. The bill states that the circulation of minted coins should take place outside of Russia’s jurisdiction, but the next bill provides for their use under an “experimental regime.”
Congress prepares to legalize cryptocurrency mining in Russia
After rejecting a crypto mining bill as fragmentary and vague, Russian parliamentarians have agreed to consider a separate bill to more comprehensively regulate the extraction of digital currencies in the country.
According to Anatoly Aksakov, who heads the Financial Markets Committee of the Duma, the lower house of Russia’s bicameral parliament, the main goal of the latest legislative proposal is to allow minting of all cryptocurrencies. That’s it.
In an interview, the senior lieutenant shared details of the new bill, Business News to his channel RBC-TV, he said:
The debate over the need for more sophisticated regulation of crypto-related activities has been going on for months, with most Russian officials favoring legalizing mining. The proposal envisages its authorization only in energy-rich regions. In Europe, attempts have been made to ban power-hungry mining of proof-of-work cryptocurrencies like Bitcoin.
Aksakov stressed that the circulation of the coins produced should take place outside the Russian information system. However, he said the bill, which is due to be introduced soon, will open the door for the use of digital assets under an experimental legal regime.
Within that framework, MPs explained: For example, it will be possible to use cryptocurrencies to pay forparallel imports. Most institutions in Moscow don’t want the Russian ruble to threaten its status as the country’s sole legal tender, but amid mounting pressure from Western sanctions over Russia’s war in Ukraine, it’s likely to cross borders. The idea of using cryptocurrencies for payment is gaining momentum.
Anatoly Aksakov also said that while the draft Federal Law “On Mining of the Russian Federation” reflects the general principles of existing law, the government has not yet decided on its stance on taxation. added. Lawmakers said they needed clarification on certain points and hoped this would happen soon.
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