Russia Plans to Allow Mining of Any Cryptocurrency, Lawmaker Unveils
Parliament Prepares to Legalize the Mining of Cryptocurrencies in Russia
After rejecting one crypto mining bill for being fragmented and ambiguous, Russian lawmakers accepted to review another draft law, which more comprehensively regulates the extraction of digital currencies in the country.
The main goal of the latest legislative proposal is to permit the minting of all cryptocurrencies, according to Anatoly Aksakov who heads the Financial Market Committee at the State Duma, the lower house of Russia’s bicameral legislature.
In an interview, the high-ranking deputy shared details about the new draft law. Speaking to the business news channel RBC-TV, he stated:
"The idea is to allow mining, and the mining of any cryptocurrency."
Discussions on the need for more elaborate regulations for crypto-related activities have been going on for months and most Russian officials favor the legalization of mining. Previous proposals envisage its authorization only in energy-rich areas. In Europe, attempts have been made to prohibit the power-hungry mining of proof-of-work cryptocurrencies like bitcoin.
Aksakov emphasized that the circulation of the produced coins should take place outside of Russia’s information systems, in other words, not in Russian jurisdiction. He noted, however, that a draft law that will be filed soon opens the door to using the digital assets under experimental legal regimes. Read More…
