Mining for bitcoins might become legal in Russia as early as 2023
New York City: According to a tweet sent by Bitcoin Archive on November 18, 2022, a prominent crypto Twitter personality, the message suggests that Russian lawmakers may adopt a measure that would allow Bitcoin mining in the nation the following year, despite the conflict between Russia and Ukraine.
The Bitcoin bill might become law on January 1st, 2023.
Following the confirmation of the main crypto legislative officer of the Russian government that a bill to that effect is presently being considered by the country’s parliament, it is possible that Russia may be on the path toward legalizing cryptocurrency mining as early as January 1, 2023.
Anatoly Aksakov, the head of the State Duma’s Committee on the Financial Markets, made this revelation today while speaking to local news outlets. He stated that the bill would be read in parliament in December 2022, and that it will be debated by members of parliament who have previously rejected similar proposals.
The most recent attempt, which took place earlier this year, to legalize crypto mining was thwarted when it was voted down by the Members of Parliament. The opponents of the measure said that it was hastily drafted and included an excessive number of loopholes.
According to Aksakov, the measure will be presented to members of parliament in the chamber today. It is expected that voting will be scheduled within the next several weeks.
Because this plan had been meticulously researched and examined by the crypto regulatory committee, he was certain that it would be accepted. This gave him confidence that it would be successful.
According to the local media, one of the major proposals included in the bill was to allow companies to carry out crypto mining operations on Russian soil as long as they do not trade the coins they mined in the country. This provision would only apply if the companies did not trade the coins they mined in Russia.
Provisions for cryptocurrency mining pools are included in the new legislation. It has been speculated that the law would include a clause that will allow for the establishment of government-regulated mining pools consisting of “individual” and “industrial miners.”
In addition, the government is going to establish a “transaction sandbox” in which “transactions” would be able to take place “under an experimental legal framework.”
It is anticipated that businesses participating in the sandbox would be granted permission to engage in crypto-related activities in Russia, although under stringent regulatory oversight.
Many people believe that Russia is trying to find a way around the severe sanctions that the European Union (EU) imposed on them in the wake of the conflict by softening its position against cryptocurrency, which it had previously advocated for. The nation was hit with another punishment in the month of October 2022 by the regulatory body of Europe. The European Union has made it impossible for Russian residents to use blockchain-based cryptocurrency wallets.