Moscow's central bank and finance ministry have aligned themselves on regulation of cryptocurrency mining in Russia Federation. The State Duma will soon file the bill, which was unveiled by a high-ranking member.
Financial Authorities Come to a Consensus About How to Regulate Mining of Digital Coins In Russia
The Central Bank of Russia and the Ministry of Finance (Minfin), have jointly adopted a position on regulation of crypto mining. As a lucrative industry, bitcoin mining has seen an increase in Russia's energy-rich country. It also provides additional income to many Russians.
Anatoly Aksakov (chair of the parliamentary Financial Market Committee) announced at the Kazan Digital Week forum, that draft legislation introducing rules in the sector would be presented to the State Duma, the lower Russian house of parliament. RBC Crypto quoted him as saying:
The bill will soon appear in the State Duma. We will try to get it passed faster.
Russian lawmaker, Aksakov, also offered his opinion on the subject. Aksakov believes cryptocurrency mining should only be permitted in areas with plenty of energy resources, and banned in those where there is a shortage.
In September, Prime Minister Mikhail Mishustin contacted the CBR and Minfin, Rosfinmonitoring and Russia's financial watchdogs, the Federal Tax Service and Federal Security Service to develop a common position regarding draft federal laws that regulate the issuance and circulation digital currencies. This includes their mining and use for international settlements.
The Russian head of government also directed the Ministry of Finance to submit consensus proposals, along with the Bank of Russia, for the development of a market for digital financial assets (DFAs) by December 1.
They will need to revise the Strategy for the Development of the Russian Financial Market until 2030. Mishustin, who stated Sept. 13 that the document must be updated to reflect President Vladimir Putin's directives and current geopolitical conditions. Mishustin also stressed that DFAs would contribute to uninterrupted payments for exports and imports under current circumstances.
Russian authorities have been discussing regulation of cryptocurrency and related activities for some time. Minfin and the CBR took almost opposing positions up until recently. The central bank suggested a blanket ban but the department favored legalization. The two regulators agreed recently that Russia would require cross-border crypto payments in order to counter the Western restrictions on its foreign trade.
Moscow's majority of officials also agree with the Russian Federation's view of exploiting its competitive advantages in crypto mining. These were also highlighted by the Russian president. The vast country offers both low-cost energy as well as cool climates in many regions. The sanctions against Russia's invasion in Ukraine have also hit Russian crypto miners.
Are you positive that Russia will allow other crypto-related activities, besides mining? Please comment below.
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If you do decide to invest in gold, you'll want to consider purchasing physical bullion rather than investing in futures contracts. Futures contracts can be described as financial instruments that are determined by the gold price. These financial instruments allow you to speculate about future prices without actually owning the metal. But, physical bullion is real bars of gold or silver that you can hold in one's hand.
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Statistics
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External Links
irs.gov
forbes.com
cftc.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement account
How To
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By: Lubomir Tassev
Title: Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law Expected Soon
Sourced From: news.bitcoin.com/bank-of-russia-finance-ministry-agree-on-crypto-mining-regulation-law-expected-soon/
Published Date: Thu, 22 Sep 2022 13:30:33 +0000
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