Russian State Duma to introduce a bill on mining, taking into account the position of Central Bank and Ministry of Finance

According to deputy Anton Gorelkin, the new document will not threaten the ruble as the only means of payment in the country

20.10.2022 - 15:00

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What’s new? Anton Gorelkin, deputy chairman of the State Duma Committee on Information Policy, said that a new bill on the regulation of mining, which takes into account the position of the Central Bank and the Ministry of Finance, will be submitted to the lower house of Parliament in the near future. On October 19, the State Duma rejected the bill on cryptocurrency mining, introduced by the New People party. Deputies noted that the clause, which provides for the right to use digital assets as a means of payment, contradicts the Constitution. According to Gorelkin, the new document will not threaten the ruble as the only means of payment in the country.

Anton Gorelkin's Telegram channel

What else did the deputy write? According to Gorelkin, the rejection of the earlier bill does not mean that the legal status of cryptocurrencies in Russia will not be regulated. The deputy said that the new document contains important provisions on cross-border crypto payments. In addition, it will provide a legal basis for the development of domestic cryptocurrency infrastructure.

Separate provisions of the rejected document proposed to allow mining for individuals on condition of registration as a private entrepreneur or self-employed. In addition, the draft provided for a record in the register of participants of mining, if the consumed electricity exceeds the limits set by the government.

Previously, Prime Minister Mikhail Mishustin instructed government agencies to agree on the position on the regulation of digital financial assets (DFAs), mining and the use of cryptocurrencies in international settlements. They must submit their proposals on these issues by December 19.

Despite the fact that the Central Bank and the Ministry of Finance agreed on the position on mining, in general, the departments did not come to an agreement on the regulation of the crypto industry. A ministry official, Ivan Chebeskov, explained that regulators have no idea about the real size of the market.

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