The measure was presented to the Russian State Duma in November. Many Russian authorities continue to oppose the legalization of cryptocurrencies. Members of the State Duma will consider a vote on a bill in 2023. To allow cryptocurrency mining in the Russian Federation, according to the chairman of the Committee on Financial Markets Anatoly Aksakov.
The announcement was made in a statement for the crypto section of the RBC business news site.
A prominent lawmaker, who is actively working to regulate Russia’s crypto industry, said that the current law needs more support. In fact it speaks to the importance of resolving conflicts between the many people who control the system.
Distance exceeded the limit due to restrictions – Russian State
The measure was presented to the Russian State Duma in November. It will make changes to the country’s current “Digital Financial Assets” law. On the other hand, the latter is restricted to activities related to crypto and only started in January 2021.
Russian government agencies have been debating all year about how to include cryptocurrency transactions in the current regulatory framework. Although many Russian authorities continue to oppose the legalization of cryptocurrencies such as bitcoin in the country, their use in cross-border payments as an alternative to traditional methods is increasingly supported in ‘due to the end of the financial penalty given as a result of the conflict in Ukraine.
The mining industry is another hard hit by this restriction. The legislative branch of the Duma initially rejected the mining project, arguing that it should first be discussed with the Bank of Russia. Later, the proposal received support from the central bank of Russia, which took a strong position against cryptocurrencies, but only that all newly created coins will be sold outside of Russia or trading against rubles only through special regulations.
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