The State Duma proposes to ban the circulation of cryptocurrencies from September 1

Key points of the document:

— Prohibit the circulation of cryptocurrency from September 1, 2024. There will be an exception only for miners, mining pools and Bank of Russia projects within the framework of the experimental legal regime (EPR). It is also proposed to ban advertising of cryptocurrencies and their circulation.

— Legal entities and entrepreneurs will be able to engage in mining only after being included in the register. Individuals can mine cryptocurrency without inclusion in the register if they do not exceed the established energy consumption limits.

— Miners will be required to provide Rosfinmonitoring with information about receiving digital currency as a result of mining and information about identifier addresses.

— The sale of mined cryptocurrency will not be limited. The bill will allow the sale of assets without the use of Russian information infrastructure.

— The government will be able to prohibit mining in certain constituent entities of the Russian Federation, at least in those where there is an energy shortage.#Bitcoin