According to a well-known lawmaker, new legislation is proposed that would allow Russia’s minting of cryptocurrency. While the draft law states that the circulation of the minted coins should take place outside Russian jurisdiction, an upcoming bill provides for their use under “experimental regimes.”
Russia’s Parliament is ready to legalize cryptocurrency mining
Russian lawmakers rejected one of the crypto mining bills because they were unclear and too fragmented. However, they accepted another draft bill to examine. This law regulates digital currency extraction in more detail.
The main goal of the latest legislative proposal is to permit the minting of all cryptocurrencies, according to Anatoly Aksakov who heads the Financial Market Committee at the State Duma, the lower house of Russia’s bicameral legislature.
The high-ranking deputy discussed details of the draft law in an interview. He stated the following:
This is a way to permit mining and any type of cryptocurrency mining.
Since months, discussions have been ongoing about the necessity of more detailed regulations to regulate crypto-related activities. Most Russian officials support legalizing mining. The authorization was previously only possible in areas with high energy. European attempts to ban the mining of proof-of work cryptocurrencies such as bitcoin have failed.
Aksakov emphasized that the circulation of the produced coins should take place outside of Russia’s information systems, in other words, not in Russian jurisdiction. However, he noted that an experimental law will soon be filed that allows for the use of digital assets.
According to the lawmaker, it’s possible to use cryptocurrency to pay for other imports within their framework. Most institutions in Moscow do not want to threaten the status of the Russian ruble as the only legal tender in the country but the idea to use crypto in cross-border payments has gained traction amid increasing pressure from Western sanctions over Russia’s war in Ukraine.
Anatoly Aksakov also added that while the draft federal law “On Mining in the Russian Federation” will reflect some general principles of the existing legislation, the government is yet to determine its stance on the taxation aspects. A few points are unclear, but the lawmaker expressed optimism that they would be clarified soon.
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