Russian draft law on mining has been criticized

  • 20:50 Jan 03, 2023
Russian draft law on mining has been criticized

Representatives of the mining community criticized the new bill on mining virtual coins. Activists, experts and other representatives of the cryptosphere believe that the direction does not need additional regulation. And the restrictions proposed in the amendments to the law on digital financial assets will stall the development of mining and the cryptocurrency industry as a whole. 

The representatives of RAKIB (Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain) prepared a collective letter and sent it to the State Duma of the Federal Assembly of the Russian Federation. 

It says that excessive regulation of the industry is not necessary. Neither is the intervention of representatives of the Bank of Russia. 

Alexander Brazhnikov, Executive Director of RACIB, is sure that these amendments «will do Russia irreparable harm».

Let's remind that last year some deputies of the State Duma of the Russian Federation advocated amendments to the law on digital financial assets. 

These amendments imply some restrictions on the sphere of crypto in Russia. Meaning:

  • a ban on the advertising of virtual coins;
  • the ban on the provision of services for their issuance in the Russian Federation;
  • requirements to companies that are engaged in crypto mining, mining pools are set by the government after consultation with the representatives of the Central Bank.

It is also planned to introduce special services that will monitor the activities of miners. 

The greatest indignation among the mining community caused the requirement to provide reports on the mined crypto. Moreover, within Russia virtual coins can be sold only in the context of a special experimental legal regime.

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