A working group to regulate cryptocurrencies will be created in Russia

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State Duma Chairman Viacheslav Volodin supported the proposal of the LDPR deputy and the first deputy chairman of the Security and Anti-Corruption Committee Andrei Lugovoi to create a working group to regulate cryptocurrencies and their production.

At a meeting on Thursday, Lugovoi noted that after the adoption of the law on digital financial assets in 2020, the issue of cryptocurrency regulation “has been standing still for a year and a half.” According to him, it is necessary to determine the taxation of mining carried out with the use of cheap electricity subsidized by the state, as well as prepare the legal framework, in the absence of which “law enforcement agencies generally fall into a dead end.”

“We cannot rush left and right. Either we will strictly prohibit this and orient the law enforcement system, although I do not really understand how this can be done, given that this is virtual reality, or let’s allow it. We think that from the effect of regulation, citizens will be protected, an understandable procedure, simple taxation, the state – transparency, control and budget revenues, and entrepreneurs – the opportunity to conduct legal business. Because now, doing mining, who just doesn’t come up with it, but individuals generally do it illegally, ”Lugovoi said.

He also promised in the near future, together with his colleagues, to submit an appropriate bill to the State Duma and proposed to create a specialized working group.

Volodin supported the idea and noted that the proposal belongs to two committees, first of all to the committee on property issues.

“If you don’t mind about the working group, we ask [вице-спикера] Alexei Vasilyevich Gordeev to create such a working group from representatives of specialized committees, and Andrei Konstantinovich Lugovoi will be his deputy as the initiator of the consideration of this issue, ”added the Chairman of the State Duma.

Earlier, the Russian authorities advocated the recognition of cryptocurrency mining as a type of entrepreneurial activity.

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