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Russia’s Duma rejects cryptocurrency mining draft bill

Posted:Oct 24, 2022 13:52 Category: Asia , Regulatory , Posted by Teuta

The lower house of the Russian parliament, the State Duma, has decided against a draft bill on cryptocurrency mining dubbed “On Mining in the Russian Federation”.

Crypto mining bill denied because it is fragmented and confusing

The piece of legislation was primarily created to regulate cryptocurrency mining, and even though the Duma decided against it, there are some expectations that another draft law on mining, which permits cross-border transactions with digital assets, is coming very soon.

The draft bill was submitted by members of the liberal New People faction but  according to the Duma, it didn’t thoroughly formulate regulations and requirements for data centres and mining operators.

Members of the parliament assigned to review the bill called it fragmented and confusing.

They commented that the draft law lacks a systematic approach and does not specify how miners register as individual entrepreneurs, how miners and their equipment would be recorded, and how individuals who mine cryptocurrencies without registering as individual entrepreneurs would be identified.

In the meantime, a different legislative proposal to regulate mining in the country will, according to Anton Gorelkin, deputy chairman of the Duma Committee on Information Policy, be filed soon.

On Telegram, Gorelkin explained that the new document would be more precise and include the Central Bank’s and Ministry of Finance’s opinions. He also stressed that the new paper will not pose a threat to the Russian ruble as the only means of payment in the country. 

Alternative crypto mining bill coming soon

On the other hand, Anatoly Aksakov, Chairman of the State Duma Committee, stated that the law of the Russian Federation on international settlements in cryptocurrency could be adopted before the end of the year.

“There is an instruction from the Prime Minister to submit proposals on using the digital ruble, cryptocurrencies and mining by December 19. Shortly, everything should be put on paper. However, time flies quickly, and the challenges facing the country are not only related to the development of technology. All this forces us to intensify work on legal support for using various digital tools; I think we will be able to offer something even earlier,” Aksakov said.

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