Will the bill on mining cryptocurrencies be rejected in Russia?

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Ultramining.com

16:42 Oct 04, 2022

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Will the bill on mining cryptocurrencies be rejected in Russia?

The miners of virtual coins from Russia thought that they would be allowed to "breathe" more freely, but it was not so. It became known that the committee of the State Duma of the Federal Assembly of the Russian Federation proposed to reject this bill.

Let's remind, it was put forward by politicians from the party «New people».

What is the essence of the document

The bill on mining cryptocurrencies allows the use of virtual coins for settlement transactions in Russia. However, the committee of the State Duma of the Russian Federation believes that these actions violate the provisions of the constitution.

Since the document does not specify what taxes to impose on people who engage in mining, how to carry out supervisory measures and what requirements to representatives of local data centers.

Mining virtual coins is not included in the list of all-Russian classifier of economic activities. Therefore, politicians do not understand how to designate mining in this context. Also, no changes in OKVED are not expected in the near future.

It is not quite clear how to register people who are engaged in crypto pharmacy. Hence the expected surge of illegal mining and gray schemes.

Representatives of the Committee of the State Duma of the Federal Assembly of the Russian Federation believe that the bill has many flaws. And its basis does not meet the requirements outlined in the current legislation.

The Russian government instructed by mid-December of this year, proposals for the regulation of virtual assets.

This was said by the director of the financial stability department of the Ministry of Finance Ivan Chebeskov in an interview with Izvestia (Iz.ru).

All this was to be coordinated with the central bank of the country. But something went wrong.

Will the bill on mining cryptocurrencies eventually pass? Ultramining will be following the developments.

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