Russian State Duma backs mining bill

The State Duma Committee on the Financial Market backed the adoption in the first reading of a bill regulating cryptocurrency mining in the Russian Federation. This was reported by РИА Новости.

According to committee head Anatoly Aksakov, to recommend the bill for adoption, it is also necessary to await the government’s feedback. At present it “is in the works”.

The consideration of the document in the lower house of Parliament is expected next week.

“The committee is currently taking a preliminary decision to support it, and when the government’s feedback reaches the Duma, we will secure it by a survey and bring it to the Duma for consideration, so that it can be passed in the first reading,” clarified Aksakov.

Earlier in November, the State Duma registered a bill regulating mining and the subsequent sale of mined cryptocurrencies. The document obliges individuals and legal entities to report to the tax authorities on mined cryptocurrencies, specifying the address to which they are credited.

Experts say that enacting regulation in its current form would lead to the creation of a black market of exchangers in the country and the outflow of mined assets abroad.

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