Russia to Pass Bill Legalizing Bitcoin (BTC) Mining

Mining of Bitcoin (BTC) to be legal in Russia.
Previously the bill was voted down by the The Russian congress.
The bill may be put into effect between January 1 to February 1.

On November 17, a bill was proposed in the Russian parliament’s lower house, the bill put forward legalizing cryptocurrency mining and the sale of mined cryptocurrency.

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As per a recent tweet from Bitcoin Magazine, the Russian Congress is planning to pass a bill legalizing BTC mining in the country, so this could be implemented in the coming days.

Earlier this year, a bill to legalize Bitcoin in the country was voted down by lawmakers who cited the bill’s many flaws as reasons for their rejection. Since this occurred, the hearing was postponed until December.

According to a local press report, Duma Financial Markets Committee Chairman Anatoly Aksakov is confident the proposed bill will pass all three readings. On one hand, some reports that the bill might become law on January 1, and on the other hand, it could become effective as early as February 1.

According to Aksakov: “Passage of the law will bring this activity into the legal field, and it will be possible to form a law enforcement practice on issues related to the issuance and circulation of digital currencies.”

There is a possibility that miners will liquidate their digital assets on exchanges if the new mining bill in Russia is passed into law. To convert their Bitcoin into fiat money or other cryptocurrencies, miners would have to send their Bitcoin to a cryptocurrency exchange.

The Russian government has been gearing up for the introduction of digital assets onto its markets, according to a report published by the Central Bank of Russia in the month of November. In September, the Moscow Exchange drafted legislation on behalf of the Central Bank to legalize trading in digital financial assets. Major Russian brokerages and the exchange reportedly prepared for the entry of retail investors onto the market on November 18, according to a report in Izvestia.

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Munene Kelvin

Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.