Published: 08.04.2022
Article reading time:
2 minutes.
The Ministry of Finance submitted to the government a new version of the draft law “On Digital Currency”, clarifying the provisions on cryptomining.
The project was finalized and refined taking into account the opinion of “interested departments”, the Ministry of Finance said in a statement. Moreover, the full text of the new version of the bill has not yet been disclosed. The financial department also does not disclose the specifics of the provisions of the new version of the law regarding mining.
The previous version of the bill on the regulation of cryptocurrencies, submitted by the Ministry of Finance to the government on February 18, stated that digital currencies were considered solely as an investment tool. For participants in the cryptocurrency market, the concepts of a qualified and unqualified investor are introduced. The definition of digital mining, as amended by the Ministry of Finance, is fixed as “an activity aimed at obtaining cryptocurrency.”
In the process of discussing the previous version of the bill, the Ministry of Industry and Trade proposed obliging miners to use only Russian equipment for mining cryptocurrencies.
The Bank of Russia, in turn, sent to the Ministry of Finance a draft law on the introduction of a complete ban on organizing the issuance and circulation of digital currencies. The regulator requires a ban on the use of digital currencies as a means of payment on the territory of the Russian Federation and asks to prescribe measures of responsibility for the corresponding offense in the legislation.
The Russian Ministry of Finance then promised to take into account the proposals of “all interested departments.”
Alexei Yakovlev, Director of the Financial Policy Department of the Ministry of Finance, said that the department will focus on the section of the bill dedicated to the mining of cryptocurrencies and especially on solving the problem of maximum economic feasibility of mining. The new version, which was submitted to the government, should have taken into account “opportunities to reduce the risks of illegal actions related to money laundering and terrorist financing.” As for the use of electricity by miners. Officials were going to describe options for territorial planning when placing industrial mining centers.
Source: Bits
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