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The Russian Ministry of Finance has proposed significant amendments to the highly discussed cryptocurrency mining bill, which is set to be reviewed in the State Duma on July 23. The Ministry's key suggestion is to remove the ban on the organization of cryptocurrency trading within Russia. This move could end the ongoing debate on whether cryptocurrencies should be entirely banned in the country, according to <a href="https://m.interfax.ru/971174" rel="noopener noreferrer nofollow">Interfax</a>.
The Ministry has also put forward several other proposals. These include allowing Russian miners to sell their mined cryptocurrencies domestically and lifting the ban on advertising cryptocurrency-related goods and services. Additionally, the Ministry recommends permitting cryptocurrency trading on exchanges within an experimental legal regime (ELR).&nbsp;
This proposal marks a notable shift in Russia's approach to cryptocurrency regulation. The Ministry argues that prohibiting advertising could hinder "good faith miners" from acquiring necessary equipment. They believe that recognizing mining as a legitimate industry is crucial.
Moreover, the Ministry's proposal to allow cryptocurrency trading on Russian exchanges could bring the country closer to integrating digital currencies into its financial system. Imagine walking into the Moscow Exchange and seeing Bitcoin listed alongside Gazprom shares. This could soon become a reality.
However, the Financial Action Task Force (FATF) has raised concerns. The head of Rosfinmonitoring, Yuri Chikhanchin, stated that FATF has been considering including Russia on its "blacklist" due to unresolved cryptocurrency regulation issues. This presents a complex situation: while the Ministry of Finance pushes for a more liberal approach, FATF's pressure for strict regulation remains.
The cryptocurrency market in Russia stands at the brink of transformation. Whether this will be a step forward or a setback remains to be seen. The State Duma's upcoming decision will be crucial.

Russian Miners May Soon Sell Mined Cryptocurrency Domestically

Ultramining_Eng

Інші статті, опубліковані 23 лип. 2024 р.

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