Cryptocurrency

Core

United

Bitcoin

when

<p>A bill on mining cryptocurrencies is being currently held in the Russian state of Duma. According to the <a rel="noopener noreferrer nofollow" href="https://www.oreanda-news.com/en/gosudarstvo/a-project-on-mining-cryptocurrencies-has-been-submitted-to-the-state-duma/article1512806/" target="_blank">local media</a>, deputy chairman of the State Duma Committee on Information Policy, Anton Gorelkin stated that the measure about mining cryptocurrency is being presented to the body on Friday. The bill comes at a time when globally there has been a surge in including the crypto sphere under regulation- though some stand good while others bad.</p>
<h2 id="russian-state-of-duma-to-enforce-new-mining-cryptocurrency-law">Russian State of Duma To Enforce New Mining Cryptocurrency Law</h2>
<p>Local media reports also highlight that the draft law states that the only people who can mine digital currency will be those who are Russian legal entities or individual entrepreneurs listed in the relevant register, as long as they don’t use more energy than the government has set as their daily limit.</p>
<p>“We firmly believe that the use of digital currency to legalize illicit gains, fund terrorism, or engage in other illegal activities must be prohibited. Consequently, the bill stipulates that miners must inform the authorized body about any digital money they receive through mining, and identification addresses, and the authority Rosfinmonitoring has to keep a suitable list up to date, according to Gorelkin.</p>
<p>He claims that the bill makes it possible to sell virtual money earned through mining without utilizing the Russian information network.</p>
<h2 id="global-perspective-of-mining-cryptocurrency">Global Perspective of Mining Cryptocurrency</h2>
<p>Globally, governments are currently confused about crypto mining regulations. The United States for example tried evaluating data on how much energy is utilized in mining cryptocurrency. However, the effort met with strong opposition.</p>
<p>A crucial indicator of the profitability of Bitcoin (BTC) mining has reached an all-time low as the network deals with the fallout from its fourth halving event. The Luxor-created <a href="https://coingape.com/bitcoin-mining-profitability-metric-hits-all-time-low-after-4th-halving/" target="_blank" rel="noopener noreferrer nofollow">hashprice </a>dropped to $57.09 on Friday, April 26. This is reminiscent of the levels last observed during Sam Bankman-led FTX’s collapse.</p>
<h2 id="duma-s-new-bill-might-impose-some-restrictions">Duma’s New Bill Might Impose Some Restrictions</h2>
<p>Duma’s new bill on mining cryptocurrencies will have an impact on the quantity of mining that will take place.</p>
<p>“Will the measure still provide for the potential prohibition of mining operations in specific Russian Federation regions? Indeed, giving the Russian Federation’s government such rights is a possibility; however, given the risks to the mining industry’s growth, we anticipate a specific discussion on the terms and extent of this prohibition,” Gorelkin added.</p>
<p>He also emphasized that, in his opinion, legalizing cryptocurrency turnover is a matter of patriotism since it allows Russia and its allies to evade unjust sanctions.</p>
<p><strong>Read Also: <a href="https://coingape.com/runes-exploits-networks-design-flaw-bitcoin-core-dev-insists/" target="_blank" rel="noopener noreferrer nofollow">Runes Exploits Network’s Design Flaw: Bitcoin Core Dev Insists</a></strong></p>
<p>The post <a href="https://coingape.com/russian-state-duma-contemplates-bill-on-mining-cryptocurrencies/" rel="noopener noreferrer nofollow">Russian State Duma Contemplates Bill on Mining Cryptocurrencies</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Russian State Duma Contemplates Bill on Mining Cryptocurrencies

Table of Contents

Coingape News Media

Other articles published on Apr 26, 2024

Stripe To Accept Crypto Payments In USDC On Solana, Ethereum, Polygon

Apple Reportedly in Talks to Deal with This Altcoin-Linked Company

When to Expect Bitcoin’s Bull Market Highs: A Post-Halving Analysis

ConsenSys says the SEC designated ETH a security but won't say where

Dogecoin Price: Whales Move 456 Mln DOGE To Coinbase, Price At Risk?

Exploring Bitcoin’s Recent Price Stability and Market Predictions

Join our free newsletter for daily crypto updates!