Russia Amends Digital Currency Bill to Include Crypto Mining and Trading: Report

The Russian Ministry of Finance has amended its draft digital currency law to include provisions on cryptocurrency mining, the Kommersant agency reported on April 15. Earlier in February this year, the ministry presented the initial Cryptocurrency Bill to the Federal Assembly, which focused on digital assets. as investment vehicles. The ministry has now said that the updated version of the bill contains detailed rules regarding cryptocurrency trading and mining.

In the midst of the Russian-Ukrainian war, both countries had started using cryptocurrency to run their financial system. This legislation called “On Digital Currency” has aroused the interest of the Russian government.

According to several outlets, the main purpose of the legislation was to enforce regulation in the digital asset mining industry, since Russian President Vlamadir Putin finds this niche useful. Moreover, Russia is also one of the leading countries in the world in the field of crypto mining in terms of global hash rate, second only to the United States and Kazakhstan.

In this recent bill, the Ministry of Finance has stated that minors will have to submit their application in an appropriate registry, as the government will provide the necessary data centers for this. In addition, taxation will be set separately, according to reports.

“Finally, for the first time, the bill examines in detail the mining process that legal persons and individual entrepreneurs will be able to carry out after being included in the corresponding register”,, an information platform on cryptography, citing the legislation.

However, Russian Prime Minister Mikhail Mishustin and Chairman of the Russian Chamber of Commerce and Industry Sergey Katyrin presented sets of proposals aimed at strengthening economic relations with African nations, among which he also been suggested to offer alternative payment options. , such as crypto.

“It seems appropriate to task the Ministry of Finance, in collaboration with the central bank, to ensure the conclusion of intergovernmental agreements with African states on the use of national currencies and cryptocurrencies in settlements and mutual payments. “said quoting Katyrin.

Earlier in January 2022, the Bank of Russia, the country’s central bank, called for a ban on cryptocurrency mining over concerns that digital assets could harm the country’s financial stability. Later in March 2022, the Bank of Russia had granted a license to Sberbank, the main Russian lender, to start donating digital assets in response to US economic sanctions, according to various media.

“Assets issued on the bank’s digital platform will be recorded and disseminated through a distributed ledger technology system, ensuring ‘data security’ and data immutability,” Sberbank said in an official statement. by various reports.

Sylvia B. Polson