Latest News

Russian Legislators to Introduce New Bill Legalizing Crypto Mining

Legislators in Russia are considering a new bill that would bring cryptocurrency mining under the purview of the law. The sector has been snowballing over the last several years.

Anatoly Aksakov, chair of the parliamentary Financial Market Committee, announced the bill’s proposal on Sputnik radio, noting that the law would legalize the use of cryptocurrencies as a payment method in countries outside of Russia as cross-border payment. Aksakov stated that they had introduced a bill that legalizes mining, the issuance, and the circulation of cryptocurrencies. He further added, “cryptocurrencies can only be employed as a means of payment outside of our country, in foreign jurisdictions.”

Although there has been an uptick in support for the notion of approving cross-border crypto payments in response to sanctions, most government institutions in Moscow still oppose legalizing payments using bitcoin and similar cryptocurrencies inside the Russian Federation.

The liberal New People group introduced one more mining measure, but it was shot down as it would have legalized domestic crypto payments.

Anton Gorelkin, a member of the governing United Russia party and the deputy head of the Committee of Information Policy of the State Duma, released the current proposed bill last week. He said that the paper is more in-depth as it takes into account the views of the Bank of Russia and the Ministry of Finance.

“On Digital Currency” is a measure aimed at more thoroughly regulating Russia’s crypto industry than “On Digital Financial Assets,” the current legislation. It is likely to be reviewed by Russian MPs after months of study.