Draft law legalizing mining was submitted to Russia’s State Duma

Digital assets can be used as a means of payment only outside of Russia, the document says

28.10.2022 - 10:30

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What’s new? Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market of the Russian Federation, said that a draft law that allows the legalization of cryptocurrency mining has been submitted to the lower house of Parliament for consideration. He specified that the document concerns the issue and circulation of digital assets. According to the draft law, cryptocurrencies can be used as a means of payment only outside the country. The deputy told on the air of Radio Sputnik.

Radio Sputnik’s material

What else did the deputy say? Aksakov stressed that the document prescribes an experimental regime for the use of cryptocurrencies. According to him, if the draft law is passed, digital assets can be used to pay for parallel imports. The deputy added that this is a step that indicates a new direction for the development of financial markets in Russia.

Anton Gorelkin, deputy chairman of the State Duma Committee on Information Policy, previously reported about the imminent submission of a bill on the regulation of mining for consideration by the State Duma. According to the deputy, the new document takes into account the position of the Central Bank and the Ministry of Finance and does not threaten the ruble as the only means of payment within the country.

On October 19, the State Duma rejected the draft law on cryptocurrency mining, submitted by the “New People” party. The deputies noted that the clause, which provides for the right to use digital assets as a means of payment, contradicts the Constitution. The deputies also added that the draft law is “fragmentary and clearly insufficient” in nature.

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