Russian Legislators Propose New Bill Legalizing Crypto Mining

Bitcoin Mining Gears Q4 Sale Skyrockets in Russia
  • There has been an uptick in the notion of allowing cross-border crypto.
  • The liberal New People group proposed mining measure, but it was shot down.

Russia’s legislators are going to look at a new bill that would make cryptocurrency mining legal. This sector has been expanding rapidly over the last several years. The bill’s introduction was announced on Sputnik radio by Anatoly Aksakov, chair of the parliamentary Financial Market Committee, who noted that the law would legalize the use of cryptocurrencies as a form of payment in countries outside of Russia as cross-border payment.

Aksakov stated:

“We have introduced a bill that legalizes mining that is the issuance and circulation of cryptocurrencies. But cryptocurrencies can only be employed as a means of payment outside of our country, in foreign jurisdictions.” 

Still Opposes Domestic Crypto Payments

While there has been an uptick in support for the notion of allowing cross-border crypto payments in response to sanctions, most government institutions in Moscow are still opposed to legalizing payments using bitcoin and similar cryptocurrencies inside the Russian Federation. The liberal New People group proposed yet another mining measure, but it was shot down because it would have legalized domestic crypto payments.

Anton Gorelkin, a member of the governing conservative United Russia party and the State Duma’s deputy head of the Committee on Information Policy, unveiled the current proposed bill last week. He said at the time that the paper is more in-depth since it incorporates the views of the Bank of Russia and the Ministry of Finance.

A measure titled “On Digital Currency” that aims to more thoroughly regulate Russia’s crypto industry than the present legislation titled “On Digital Financial Assets” is also likely to be reviewed by Russian MPs after months of study.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.