The State Duma will form a working group on the mining regulation

The LDPR representative noted that the government has still not found a solution regarding the legal framework for cryptocurrency mining

13.11.2021 - 07:15

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What’s new? The representatives of the Liberal Democratic Party of Russia (LDPR) plan to draft a bill to regulate mining. Andrei Lugovoy, the First Deputy of the Committee on Security and Anti-Corruption, at the plenary session of the State Duma has offered to create a working group to ensure the legalization of cryptocurrency mining in Russia.

Information on the State Duma website

What is Lugovoi's opinion? He added that after the law on digital assets was passed in 2020, the government has not found a solution regarding mining regulation. Because of this, the country loses tax revenues, so the deputy believes there is a need to legalize the mining of digital assets.

What problems does the official see? According to Lugovoy, miners earn 2 billion Russian rubles (RUB) in revenue at the expense of the citizens of Russia and do not pay taxes. The problem is that due to the lack of mining regulation and circulation of cryptocurrencies, law enforcement agencies cannot detect signs of crime in the activities of individual citizens.

Who supported the offer? Vyacheslav Volodin, State Duma Chairman, instructed to create an inter-committee working group to regulate cryptocurrency mining. Earlier, the Ministry of Economic Development put forward an offer to legalize mining and equate it to entrepreneurial activity. The initiative was supported by Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets.

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