Bank of Russia supports the draft law to regulate mining

The document was prepared in light of the recommendations of the regulator

18.11.2022 - 13:15

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What’s new? The Bank of Russia has supported the draft law previously submitted to the State Duma on the regulation of mining. According to representatives of the Central Bank, the provisions of the document were prepared with its participation. This is reported by Frank Media, citing a response from the regulator’s press service.

News on the Frank Media website

What else is known about the draft law? On November 17, the draft law was submitted to the State Duma of the Russian Federation. It suggests allowing the sale of mined cryptocurrency both on foreign platforms and in Russia — through a special platform, which will be created in the framework of the bill on experimental digital regimes. In this, the sale of crypto assets will be required to notify the Federal Taxation Service.

Requirements for miners in the future will be set by the government in coordination with the Bank of Russia. It is also known that the draft law provides for a ban on the use of cryptocurrencies as a means of payment within the country. Digital currency mined as a result of mining is subject to sale without the use of Russian infrastructure. Also, it will not be subject to the requirements of the law on currency regulation and control.

Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market and one of the authors of the document, in an interview for RBC confirmed the authorities’ plans for a complete ban on the circulation of cryptocurrencies. However, he did not rule out the creation of special experimental legal regimes in the future, where the use of cryptocurrencies will be allowed, for example, in the case of the supplies of imported goods.

Also, one of the provisions of the new draft law is proposed to ban the advertising of cryptocurrencies.

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