A working group has been created in the Russian State Duma to solve the complex problem of developing regulations for the crypto-mining industry.
According to an official statement on Thursday, State Duma Speaker Vyacheslav Volodin instructed the legislature to create a group to fill gaps in the regulatory framework for the industry.
The group was formed after the announcement of Andrei Lugovoi, First Deputy Head of the Commissar for Security and Anti-Corruption.
Lugovoi, a member of the right-wing liberal People’s Democratic Party, said Thursday that deputies have already written a bill that will be submitted to the State Duma “without errors”.
The MP said that the problem of regulating Bitcoin (BTC) mining is becoming inevitable, noting that crypto miners earn $2 billion annually, while they don’t pay taxes, so I am at the expense of the country’s residents. Lugovoi added:
“Because there is no regulation of cryptocurrency mining, law enforcement agencies usually stop, as they cannot establish the existence of a crime in individual actions and make the necessary procedural decisions.”
As noted by the local business publication RBC in September, Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, recommended that the State Duma regulate cryptocurrency mining in accordance with the laws governing entrepreneurial activity.
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Earlier this week, the Ministry of Economic Development and the Ministry of Energy expressed support for Aksakov’s plans, while the central bank – the Bank of Russia – remains opposed on the grounds that it cannot support initiatives that will lead to a “new monetary policy”. “Alternatives.”
As Volodin previously noted, the issue of crypto mining in Russia has become really relevant, as miners move to the country from China. Russia, along with its neighbor Kazakhstan, is one of the three world leaders in the bitcoin network hashrate.