The State Duma of the Russian Federal Assembly voted to reject a draft law on cryptocurrency mining.
The bill “On Mining in the Russian Federation,” was submitted earlier by members of the liberal New People faction.
Lawmakers criticized the sponsors for failing to properly formulate regulatory principles for the activity as well as requirements for data centers and mining operators and suggest a provision be included clarifying that only licensed entities will be able to engage in cryptocurrency mining in the country.
The lower house of the Russian parliament, the State Duma, has voted against a piece of legislation designed to regulate cryptocurrency mining. While lawmakers turned down that proposal, which also aimed to legalize crypto payments in the country, another draft law on mining, which permits cross-border transactions with digital assets, is expected in the legislature in the near future.
This week, the State Duma of the Russian Federal Assembly voted to reject a draft law on cryptocurrency mining. The bill “On Mining in the Russian Federation,” was submitted earlier by members of the liberal New People faction.
Lawmakers criticized the sponsors for failing to properly formulate regulatory principles for the activity as well as requirements for data centers and mining operators and suggest a provision be included clarifying that only licensed entities will be able to engage in cryptocurrency mining in the country.
The government officials also rejected the proposed ban on crypto payments, with First Deputy Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov saying that such a move would push honest citizens towards using shadow economy schemes.
Aksakov said that although he believes it is premature to allow crypto payments now, the issue should be revisited in two or three years.
