Russia Duma Passes Bill To Legalize Bitcoin Mining & Crypto Payments
Russia Duma’s Legal Framework For Bitcoin Mining
The bill, introduced by a group of deputies led by Anatoly Aksakov, Chairman of the Duma Committee on Financial Markets, establishes clear guidelines for Bitcoin mining. According to the report from RIA Novosti, it aims to reduce illegal mining activities and related offenses by implementing strict controls.
According to Nikita Chaplin, a member of the Budget and Taxes Committee, the regulation will make it harder to use digital currencies for illegal transactions. He also noted that the miners mined around 54,000 Bitcoins worth over $3.5 billion last year.
Meanwhile, the draft law outlines the requirements for individuals and legal entities involved in digital currency mining. The government, in agreement with the Bank of Russia, will set these standards. In addition, the Ministry of Digital Development will oversee compliance, ensuring that mining activities adhere to the established rules.
However, the government can also ban crypto mining in specific regions if necessary, the report notes. Only registered legal entities and individual entrepreneurs can mine in the country. However, citizens who are not entrepreneurs can mine without registration if they stay within the energy consumption limits set by the Cabinet of Ministers.
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