Russian Finance Ministry Amends Bill ‘On Digital Currency,’ Adds Crypto Mining Provisions

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Russian Finance Ministry Amends Bill ‘On Digital Currency,’ Adds Crypto Mining Provisions

The Ministry of Finance of the Russian Federation has revised a draft law designed to regulate the country’s crypto space, introducing provisions for cryptocurrency mining. The bill has been resubmitted to the government and may be adopted during the parliament’s spring session.

Updated Law ‘On Digital Currency’ Filed With Russian Government

Russia’s Ministry of Finance has amended a bill intended to implement comprehensive rules for the Russian cryptocurrency sector. The latest version now takes into account the positions announced by other government institutions on the matter, the department announced Friday.

The finalized draft law “On Digital currency” has been returned to the cabinet of ministers in Moscow. The legislation, which was initially submitted to the federal government in February, aims to regulate crypto transactions in Russia as well as the activities of crypto market players. It was prepared to fill the regulatory gaps left after the adoption of the law “On Digital Financial Assets.”

According to a recent statement by Anatoly Aksakov, chair of the Financial Market Committee at the lower house of Russian parliament, the new law is likely to be adopted during the State Duma’s spring session, along with amendments to the Russian Tax Code pertaining to cryptocurrency operations.

Certain provisions in the bill have been clarified, the Finance Ministry said, including those related to the regulation of crypto mining. While the use of bitcoin in payments has been met with opposition, most notably from the Central Bank of Russia and most recently from Prime Minister Mikhail Mishustin, many Russian officials have backed the idea to recognize mining as an economic activity.

In January, the Bank of Russia pushed for а blanket ban on a range of crypto-related activities, including mining but the Russian government has sided with Minfin’s view that the industry needs to be regulated rather than restricted. President Vladimir Putin asked them to resolve their differences and emphasized on Russia’s potential as a mining destination.

In February, the Ministry of Economic Development proposed to authorize the extraction of digital currencies in regions with power surplus and to offer miners acceptable electricity rates. In late March, the Ministry of Energy called for urgent legalization of mining and introduction of regional energy quotas for bitcoin farms. This week, the Ministry of Industry and Trade and the Ministry of Construction, Housing and Utilities suggested the implementation of an experimental legal regime for mining.

Do you expect Russia to quickly adopt the new law “On Digital Currency?” Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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