Russian Lower House Passes Bill Legalizing Cryptocurrency Mining

On July 30, the Russian State Duma (Lower House) passed a law allowing cross-border payments and exchanges using digital currencies to be tested starting September 1.

Russia passes cryptocurrency law. (Source: cryptonetwork.news)

The Central Bank of Russia believes that the first payments in cryptocurrency in a test mode will be implemented before the end of this year.

The new bill allows to solve many issues related to payments to foreign partners, legalizing a real phenomenon - the so-called mining, that is, the creation of cryptocurrencies, said the head of the Duma Committee on Financial Markets Anatoly Akskov.

Under the new law, the Central Bank of Russia is given authority and control over experimental regulatory issues (EPR) in the field of digital currency circulation.

The Central Bank will monitor the activities of EPR initiators to identify risks of harm to national defense and state security, as well as risks of money laundering and terrorist financing, and will notify the Federal Security Service FSB and the Financial Supervision Service Rosfinmonitoring within 10 days.

Current Russian legislation still prohibits the use of digital currencies in payments.

The new law also allows the use of cryptocurrencies as a means of payment in foreign trade activities within the framework of the EPR. At the same time, the EPR program must define the rights and obligations of participants in such payment transactions, as well as monetary control agencies and agents.

Starting in September, the Central Bank of Russia will conduct a series of tests, including: Using cryptocurrencies to pay for foreign trade, conducting securities transactions in cryptocurrencies, and creating an electronic platform for transactions with cryptocurrencies on the National Payment System platform.

Also on July 30, the Russian State Duma passed a regulation allowing the legalization of cryptocurrency mining in Russia from November.

Russian legal entities and individual entrepreneurs (IPs) registered with the Ministry of Digital Development of the Russian Federation will be able to participate in mining.

Russians who are not individual entrepreneurs can mine digital currencies without registration, if they do not exceed the energy consumption limit set by the government.

First of all, Russia sees cryptocurrencies as a tool for circumventing sanctions and as a point of high-tech export, said Deputy Chairman of the Duma Committee on Information Policy, Information and Communications Technologies Anton Gorelkin.

According to him, Moscow ranks second in the world in digital currency mining.

Source: https://baoquocte.vn/ha-vien-nga-thong-qua-quy-dinh-hop-phap-hoat-dong-khai-thac-tien-dien-tu-280816.html