Russian Duma Stalls on Crypto Mining Bill Amid Regulatory Uncertainty

Deputy Chairman Anton Gorelkin has revealed that the State Duma is unprepared to advance the cryptocurrency mining bill. Despite a year of deliberation, the bill remains in limbo. The absence of legislation is stunting the growth of Russia‘s burgeoning crypto mining sector. Furthermore, the state is missing out on potential tax revenues from this industry.

Gorelkin emphasized the established yet unregulated market’s need for a legal framework. He pointed out that the Central Bank of Russia‘s concerns over cryptocurrencies threatening the ruble’s role in settlements are a significant hurdle. Nevertheless, he argued for the utilization of Russia’s natural resources, like its surplus electricity and cold climate, to bolster industrial mining.

The deputy underscored the industry’s vast scale, with estimates running into hundreds of billions of rubles, all untaxed. Earlier, Anatoly Aksakov indicated that the Duma might consider cryptocurrency regulations in November, according to pnp.

This development comes as the crypto mining industry continues to expand globally, with Russia possessing the natural advantages to be a leader in this field. The delay in legislation reflects the complexities of integrating a disruptive technology into a traditional financial system. The outcome of this legislative process could have significant implications for the future of cryptocurrency in Russia and beyond.