Finance ministry supports cryptocurrency mining legalization bill

MOSCOW, Nov 18 (PRIME) -- The Finance Ministry has supported a bill on legalization of cryptocurrency mining in Russia that a group of deputies submitted to the parliament’s lower chamber State Duma on Thursday, the authority said in its Telegram channel.

“The Finance Ministry supports the bill on regulation of mining that the deputies submitted to the State Duma,” the statement read.

Anatoly Aksakov, head of the State Duma committee on the financial market, told PRIME that the bill would legalize cryptocurrency mining and create a legal framework for regulation of the issues connected with the development and turnover of digital currencies.

The bill says that the government and the central bank will draft regulations for mining activities of individuals and companies, and that the government will task a federal authority to oversee the industry. Advertisement of cryptocurrencies to the general public will be banned, he said.

The digital currency obtained through mining can be sold without using the Russian digital infrastructure except in the framework of an experimental legal regime, a bill on which should be submitted to the State Duma on Friday, Aksakov said, adding that the cryptocurrency mining bill will come in force on January 1, 2023.

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