The newly proposed bill by the Russian policymakers intends to legalise crypto mining activities in the country.
Russia is a tech-adaptive country but still, its government agencies are not openly ready to adopt cryptocurrency circulation in the country because of the financial stability risks associated with cryptocurrencies. Perhaps unclear regulatory rules on Cryptocurrencies and recent geopolitical conflicts forced this country to move toward crypto adoption.
On 17 November, A new draft was proposed in the Russian State Duma, the lower house of parliament, which aimed to bring proper sets of laws on the crypto mining companies.
Bill aimed to fully legalize digital assets mining in the country and also to ensure that no one crypto mining companies use crypto assets as a means of payment or deal settlement outside the regulatory framework.
“Digital currency obtained as a result of mining can be disposed of by the person who carried out the mining of this digital currency on the condition that Russian information infrastructure is not used in conducting transactions with it, except in cases of transactions carried out by the established experimental legal regime.”
Anatoly Aksakov, Chairman of the Duma Financial Markets Committee, told the local news media that this new proposed bill may come into effect in February 2023 but other reports claimed that the law may come into use by January of the next year.
Aksakov said that introduction of this new draft will ensure the circulation of cryptocurrencies in the Russian Federation under a fully regulatory framework & also will allow law enforcement agencies to issue new rules & policies regarding this sector in a more precise manner.
The government of Russia is aware of the opportunities associated with the crypto mining sector because of the low cost electricity tariff in the country over the other countries in the world. In the present time, crypto mining companies are operating their business under unclear regulatory policies.