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Newly proposed legislation aims to allow the minting of any cryptocurrency in Russia, a prominent lawmaker has revealed. While the draft law states that the circulation of the minted coins should take place outside Russian jurisdiction, an upcoming bill provides that they can be used under “experimental regimes”.
After rejecting a crypto-mining bill as fragmented and ambiguous, Russian lawmakers agreed to review another draft law, which more comprehensively regulates the mining of digital currencies in the country.
The main goal of the latest bill is to allow the minting of all cryptocurrencies, according to Anatoly Aksakov who heads the financial markets committee of the State Duma, the lower house of Russia’s bicameral legislature.
In an interview, the senior deputy shared details of the new draft law. Speaking to the business news channel RBC-TV, he stated:
The idea is to allow mining, and mining of any cryptocurrency.
Discussions about the need for more elaborate rules for crypto-related activities have been going on for months, with most Russian officials favoring the legalization of mining. Previous proposals envisage approval only in energy-rich areas. In Europe, attempts have been made to ban power-intensive mining of proof-of-work cryptocurrencies such as bitcoin.
Aksakov emphasized that the circulation of the produced coins should take place outside Russia’s information systems, in other words not in Russian jurisdiction. However, he noted that a soon-to-be-filed bill opens the door to using the digital assets under experimental legal regimes.
Within their framework, the legislator explained, it will be possible to use cryptocurrencies to pay for, for example, parallel imports. Most institutions in Moscow do not want to threaten the status of the Russian ruble as the country’s only legal tender, but the idea of using crypto in cross-border payments has gained traction amid growing pressure from Western sanctions over Russia’s war in Ukraine.
Anatoly Aksakov also added that although the draft federal law “On mining in the Russian Federation” will reflect some general principles of the existing legislation, the government has not yet decided its position on the tax aspects. Certain points require clarification, the lawmaker said, expressing the hope that this will happen soon.
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