Anatoly Aksakov, the Chairman of the State Duma Committee on Financial Markets, asserts that cryptocurrency mining may become legal in Russia as early as 2024.
At the 2023 St. Petersburg International Economic Forum, Aksakov discussed the potential contribution mining might provide to the Russian economy.
The member said that the State Duma will pass the four laws after their first reading in July, which will make crypto mining legal in the nation, according to the event’s English translator. It will help the legal process get started.
Besides regulating the mining of cryptocurrencies, the laws will include themes such as crypto mining rules, taxes on miners, and punishments for criminal mining operations.
According to the Russian Ministry of Finance, the nation’s miners produce cryptocurrencies valued at over $4 billion, earning roughly $1.2 billion in revenue. Additionally, the Ministry highlighted Russia’s growing involvement in the mining industry and said that it produces the second-largest mining power in the world.
The motivation behind cryptocurrency, however, is not internal acceptance but rather the use of it for international trade.
The government has been examining strategies to decrease the impact on global trade as a result of the country being under sanctions from several superpowers for its invasion of Ukraine.
The mined coins, according to Aksakov, will be used for international trade transactions. According to prior reports, the Central Bank of the nation intends to let Russian firms set up specialized authorized organizations for cryptocurrency mining.
Furthermore, the regulator, which opposes cryptocurrency, is in favor of utilizing cryptocurrency for foreign payments.