Russia Postpones Crypto Mining Regulatory Bill To 2023
A crypto mining bill proposed in November of this year has been delayed as majority of Russian government officials are opposed to legalizing cryptocurrency as a form of payment in Russia.
A Growing Need To Regulate Crypto Mining Activities
Following the rampage of countries attempting to regulate crypto mining activities in the country, Russia has finally postponed this regulatory action, which has been in debate for weeks.
Members of the State Duma, on the other hand, will vote on this mining regulatory bill in 2023; This vote will determine whether crypto mining will be accepted and implemented in Russia by 2023. Anatoly Aksakov, the chairman of Russia’s Financial Committee, made this information public.
The current senator also stated that he has been working behind the scenes to get this crypto sector regulated, but that this bill and regulation requires more approval from committee members to pass. He believes that the disagreement over the regulation should be resolved amicably among the parties involved.
Sanctions Hindering Cross Border Payments
Since the United States imposed sanctions on Russia, Russia has sought ways to circumvent these sanctions and successfully carry out cross-border payments without relying on the United States Dollar. It was for this reason that the issue of the country’s need for cryptocurrency payment arose.
The Russian government has long debated how to include and totally incorporate aspects of cryptocurrency transactions in this newly drafted regulation.
Most authorities have maintained their opposition to legalizing the use of Bitcoin as a means of payment, but there is growing support for this use as a way out of these sanctions.
The Russian mining industry was also impacted by the sanctions imposed on Russia as a result of their invasion of Ukraine.
The legal authorities in the State Duma moved to halt all forms of drafted mining bills, claiming that all procedures must first be discussed with the Bank of Russia.
However, this proposal was later approved by the Bank of Russia, which has embraced cryptocurrency, but stated a condition that every newly generated cryptocurrency would only be traded outside of Russia’s borders within a legal framework.
Few other countries have also moved forward to implement bills that guide and regulate crypto mining activities in their country.
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