In a new Telegram post, lawmaker Anton Gorelkin, co-author of a draft law on crypto mining revealed that many legislators are seriously concerned about the plan to shut down domestic crypto exchanges. They want another solution.
Russia may changes its crypto laws
For years, Russia’s ministries and Central Bank disagreed on policies related to crypto mining and exchanges, and this deadlock has left the nation’s growing crypto mining industry and emerging crypto sectors largely unregulated, in the so-called grey zone.
Ministries wanted regulation and taxation, the Central Bank wanted total ban. Earlier this month, President Vladimir Putin urged lawmakers to resolve this issue and expedite crypto mining legislation.
Lawmakers responded well, promising to pass two crypto-related bills by the end of the current parliamentary session.
Central Bank wants ban Bitcoin, likely because it’s a direct competitor
The Central Bank proposed banning most crypto exchanges in Russia, except for a few selected ones that would operate in a special sandbox for cross-border trade payments to avoid sanctions.
But Gorelkin mentioned that lawmakers find this proposal impractical.
He stated that the Financial Markets Committee successfully removed the clause banning the organization of cryptocurrency circulation, as it raised significant concerns among industry representatives.
Crypto trading, mining, services, and regulations in Russia
Despite the friendly stance towards crypto in general, lawmakers will uphold a proposed ban on advertising crypto-related products and services in Russia.
The State Duma’s Energy Committee won’t support a proposal to limit the amount of electricity private individuals can use for mining, and also, proposals to completely ban individual crypto mining didn’t pass the committee stage.
President Putin previously stated that crypto mining accounts for 1.5% of Russia’s total energy usage and suggested that regional authorities should have the power to impose local bans on crypto mining.
Gorelkin told that the Duma is likely to pass a law allowing companies to use crypto for international trade settlements.
The Central Bank wants these deals to occur in a government-approved sandbox, but politicians are hesitant to share further details, believing it could benefit adversaries.
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