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The Russian crypto industry is holding its breath. The State Duma will soon review a crucial bill on mining. This bill could either bury the industry or breathe new life into it. Initially seen as a death knell for cryptocurrencies in Russia, the bill now has a chance for "rebirth." The government, recognizing the consequences of a total ban, has recommended lawmakers soften the draconian measures, according to <a href="https://hashtelegraph.com/kremlevskaja-kriptosaga-zakon-o-majninge-na-poroge-prinjatija/" rel="noopener noreferrer nofollow">Hash Telegraph</a>.
The proposed law, which once threatened the industry's existence, now suggests eliminating the ban on cryptocurrency advertising. Crucially, it also proposes lifting the prohibition on digital currency circulation in Russia. This shift indicates that the authorities might finally acknowledge cryptocurrencies as a legitimate economic tool rather than "digital heresy."
The Cabinet proposes allowing the use of Russian infrastructure for crypto asset sales. This aims to control the process rather than driving it underground. Just a week ago, the Ministry of Finance proposed similar changes. These likely convinced Prime Minister Mikhail Mishustin.
Earlier this month, Deputy Finance Minister Ivan Chebeskov outlined two possible scenarios: Mining as an "evil" activity that consumes <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a> and produces unknown entities, or mining as a legal industry contributing to the economy by paying taxes. It appears the government is seriously considering the latter option.
If the law is passed in its current "draconian" form, crypto enthusiasts may need to pack their bags. Exchanges won't be banned, but easy money transfers will become rare. P2P exchange transfers to cards could come under scrutiny from the Central Bank and its ally, Federal Law 115. Offline exchanges? These crypto market mastodons will either mutate beyond recognition or end up in the digital mausoleum. And exchange rates and spreads? Prepare for a financial rodeo!
Digital paradise or crypto apocalypse? The answer to this question is being forged today in the crucible of the State Duma. Let’s hope the deputies choose progress over prohibitions.&nbsp;

Russian State Duma Debates Crucial Crypto Mining Bill

Ultramining_Eng

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