The crypto community criticized the draft law on mining

  • 13:34 Nov 29, 2022
The crypto community criticized the draft law on mining

According to the Vedomosti, the Russian Association of Cryptoeconomics, AI and Blockchain sent a letter to Anatoly Aksakov on November 25. It indicated that the cryptocurrency industry, including mining, is already an established sphere that does not need to be regulated.

The criticism concerned the main provisions that were introduced into the draft law:

  • prohibiting the advertising and offering of crypto-assets and related services;
  • the formation of a body to control the activities of miners;
  • implementation of the requirements put forward by the government and the Central Bank;
  • a ban on the sale of mined coins in Russia (except for the experimental digital regime);
  • the need to report following tax legislation.

On the part of RACIB it is noted:

There is no need for unnecessary regulation, as explanations from the Ministry of Economic Development and the Ministry of Finance are quite sufficient. The norms, which are artificial and don't reflect the essence of the processes, can not help the development of the industry.

Also, the authors of the letter believe that the circulation and advertising of cryptocurrencies should be allowed. If necessary, the control of the Central Bank can be applied. Because such a ban violates the constitutional rights of citizens. RACIB also argues that the Central Bank will not be able to regulate the industry of mining. In addition, the letter expresses support for the creation of appropriate infrastructure for the circulation of digital assets.

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