On July 23, the Russian State Duma will conduct the first reading of a bill aimed at regulating cryptocurrency mining. This was reported by Vedomosti.
Lawmakers have intensified efforts to legalize the sector following demands from President Vladimir Putin. He criticized the uncontrolled energy consumption by miners, which, according to him, has already led to electricity shortages in some Russian regions.
The bill is expected to be passed by the end of the current week. As co-author of the document, Deputy Anton Gorelkin, stated, the amendments for the second reading are nearly finalized.
According to its provisions, Russian legal entities and individual entrepreneurs listed in the relevant register will be allowed to engage in digital currency mining. Only miners who have mined cryptocurrencies will have the right to conduct transactions with them.
The circulation of cryptocurrencies in Russia will be monitored by the FSB, Rosfinmonitoring, and the tax authorities.
Earlier, the State Duma Committee on Financial Markets recommended the adoption of the bill on mining regulation in its first reading.
Multi-Million Losses
In anticipation of regulation, energy companies have once again reported the discovery of an illegal mining farm, writes Kommersant. In the village of Yugo-Kamsky (Perm Krai), 150 devices were found in a non-residential building, connected to the power grid bypassing metering devices.
The damage was estimated at several million rubles. The police have registered an investigation. The owners of the illegal cryptocurrency farm face criminal penalties, including up to five years in prison.
Last week, near Irkutsk, police disconnected 500 bitcoin miners whose owners had underpaid the energy company by more than 200 million rubles.
The current version of the mining bill includes a provision for the partial prohibition of cryptocurrency circulation in Russia. This clause has sparked the most heated debates within the community.