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Lawmakers to resubmit Russia’s crypto Mining Bill, introducing liability for ‘grey’ miners – Mining Bitcoin news

The draft law legalizing cryptocurrency mining will be resubmitted to the Russian Parliament, which will postpone its adoption, one of its sponsors announced. Members of the House of Commons are also working on a separate bill that would introduce liability for those illegally minting digital coins.

Adoption of Russian crypto mining legislation postponed again

A bill to legalize mining cryptocurrencieswhich was first submitted to the State Duma in November, will be resubmitted to the lower house of the Russian parliament after further consultations, according to Anton Gorelkin, deputy chairman of the parliamentary committee on information policy.

Legislators explained that reviewing the regulations was a difficult process. “As a co-sponsor of the bill, I can confirm that it will be postponed. I hope we can implement it in some form this year,” Gorelkin said, as quoted by crypto news outlet Forklog.

Russian parliamentarians and other officials have been pondering how to regulate crypto-related operations for over a year. The law aims to recognize mining as a legitimate business activity and to oblige the companies and individuals involved to report their earnings to the tax authorities.

According to the provisions of the draft, miners can sell coins abroad or on platforms operating under special legal regulations in Russia. Despite expressed interest in the potential use of cryptocurrencies in international settlements amid sanctions, most government institutions in Moscow remain opposed to allowing crypto payments within the country.

Russian authorities want to introduce liability for “grey” crypto miners

If approved in its current version, the legislation will also Advertising or ban other forms of crypto asset promotion to an unlimited audience. The Russian legislature already postponed its passage once in December. The original plan was to vote on the law by the end of 2022.

In addition to being a profitable business, mining cryptocurrencies has become a popular source of income for many ordinary Russians, especially in regions with low, subsidized electricity tariffs. But this home mining has been blamed for outages and fires, leading to a proposal to ban it in residential areas.

Last week, the chairman of the Duma’s Financial Markets Committee, Anatoly Aksakov, announced that lawmakers are now preparing another bill that will introduce liability for so-called “grey miners,” or those who steal electricity for minting or have their hardware illegally connected to the grid . The senior deputy told RBC Crypto that both laws should be passed simultaneously in the first half of the year.

Do you think Russia will pass new crypto mining legislation this year? Tell us in the comment section below.

Lawmakers to resubmit Russia’s crypto Mining Bill, introducing liability for ‘grey’ miners – Mining Bitcoin news, Crypto Trading News

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Besides Crypto, Blockchain and fintech, international politics and business are two other sources of inspiration.

photo credit: Shutterstock, Pixabay, Wiki Commons, Route 77 /

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Source: Crypto News Deutsch

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