Members of the State Duma will review the Russian Crypto Mining drafted bill.
Russia is a tech-adaptive country but its stance toward the Crypto sector was not much clear. The majority of the Russian government agencies were against cryptocurrencies over their volatile & decentralized nature but in the late Feb 2022 Russia versus Ukraine conflict resulted in a better outcome for the sector where the majority of the Russian government agencies including the Bank of Russia proposed the idea of Crypto supporting decentralised payment systems.
According to reports Members of the State Duma will review and vote on the Crypto mining bill, which was submitted by the lawmakers in November of this year in the lower house of the Russian parliament.
So now the proposed draft bill to regulate the cryptocurrency mining sector in the Russian Federation will take time to get approval as high-profile lawmakers will thoroughly review the drafted bill which aims to bring a full and clear regulatory policy on the companies which operate their crypto mining activities in the country.
It is expected that final approval for this bill will make it able to come into effect in 2023 and also it will fix some flaws of the existing regulatory framework which was introduced in 2021.
In mid-2021, many Crypto leaders in the Russian Federation raised questions against the Crypto bill of Russia and claimed that Russian lawmakers did nothing for the Crypto sector because they introduced Crypto bill which is failing to cover the full Crypto industry.
In late 2021 the Bank of Russia proposed a Crypto ban framework but the Russian Finance ministry opposed that proposed idea and said that there are better ways to prohibit the risk associated with cryptocurrency, like strict regulatory policies.
In March 2022, Russia started to face economic downfall because of the Western country’s financial & trade sanctions because of its conflict with Ukraine. In that situation, Russian government agencies came to know that the country cannot rely on a centralised international payment system and that forced this country to go with the Crypto adoption plan.