• Russia eyes crypto mining legalization by 2024
• Top official of the Russian Federation hints at legal frameworks for crypto mining activities in Russia
• State Duma to introduce bills to legalize crypto mining, taxation of miners and penalties for illegal activities
Russia Looks to Legalize Crypto Mining By 2024
A top official of the Russian Federation has hinted that the country would legalize crypto mining activities by next year. Chairman of the State Duma Committee on Financial Market Anatoly Aksakov remarked at the 2023 St Petersburg International Economic Forum on the role mining can play in the Russian economy. According to the event’s English interpreter, Aksakov stated that the first reading of four bills that will legalize crypto mining in Russia is scheduled for July and they should pass into law soon after.
Bills to Cover Crypto Mining Regulations
The bills will seek to cover topics such as regulations on crypto mining, taxation of miners and penalties for illegal mining activities. The Russian Ministry of Finance estimates that miners generate approximately $4 billion worth of crypto annually, which is a significant contribution towards its economy.
Crypto Mining Could Create Jobs
Furthermore, Aksakov believes that legalizing cryptocurrency could create more job opportunities within Russia as well as attract investors from other countries. This could also lead to “a significant growth in investment coming into our country” according to him.
Boost To Digital Economy
The official sees this move as part of a larger effort aimed at boosting digitalization across all sectors within the country’s economy. He said: “Legalizing cryptocurrency will give us an opportunity not only to develop digital technologies but also contribute significantly towards developing our digital economy”.
This move by Russia comes as a surprise given its past history with cryptocurrencies; however it now appears that it is moving forward with open arms when it comes to adopting them into its financial system. The adoption could have a positive impact on both its citizens and investors alike if it passes into law early next year.