Russia’s Ministry of Economic Development supported bill on the regulation of cryptocurrencies

The ministry has proposed to finalize the document on mining issues

24.03.2022 - 07:15

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What’s new? The Ministry of Economic Development of the Russian Federation has supported the Ministry of Finance’s bill “On Digital Currency.” The regulator has proposed to finalize the document on mining issues. The Ministry of Finance has not yet responded to the initiative of the Ministry of Economic Development, Izvestia reports.

Izvestia’s material

What else did the Ministry of Economic Development offer? The ministry’s representatives stated that some provisions of the bill need to be refined. In addition to mining, “the procedure for payment of digital currency, certain requirements for the persons who are operators of digital currency exchange and operators of digital trading platforms need to be clarified.”

Earlier, Deputy Prime Minister Alexander Novak came up with a similar initiative, proposing the legalization of cryptocurrency mining.

What is known about the Ministry of Finance’s bill? On February 21, the ministry submitted a draft law “On Digital Currency” for the government’s consideration. It prescribes the basic concepts of regulating cryptocurrencies in the country. If the bill is passed, then identification will be required to purchase digital currency.

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