Duma committee recommends rejecting cryptocurrency mining bill

Duma committee recommends rejecting cryptocurrency mining bill.

The State Duma Committee on the Financial Market recommended the lower house of parliament to reject in the first reading законопроект о майнинге криптовалют, proposed by deputies from the New People party.

According to the committee’s conclusion, the bill envisages using cryptocurrencies as a means of payment in Russia, which contravenes the Constitution.

The document does not describe a taxation mechanism for mining, the oversight of this activity, or the requirements for data-centers operators.

Moreover, “cryptocurrency mining” is absent from the current ОКВЭД list, and the proposed bill does not provide for making the corresponding changes.

Outstanding remain the questions related to the accounting of miners and identifying individuals who mine cryptocurrencies without registration.

Overall, the bill is fragmentary, not meeting the requirements of completeness, precision and unambiguity in the law, the committee concluded.

Earlier, the Russian government was instructed to prepare proposals agreed with the central bank for the development of cryptocurrencies and the digital ruble by 19 December.

The roadmap should include provisions regulating mining and the circulation of digital currency on the territory of the country, as well as its use in international settlements.

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