Draft Law on Crypto Mining Allows Russian Businesses and Residents to Make International Payments in Crypto

A fresh legislative proposal for the legalization of cryptocurrency mining, which has grown significantly over the past few years, will be examined by Russian MPs. Anatoly Aksakov, the chair of the legislative Financial Market Committee, announced the bill's filing on Sputnik radio and noted that it permits the use of cryptocurrencies as a form of payment outside of the country.

“We have introduced a bill that legalizes mining, that is the issuance and circulation of cryptocurrencies. But cryptocurrencies can only be employed as a means of payment outside of our country, in foreign jurisdictions,” Aksakov clarified; RBC Crypto quoted. The deputy added and highlighted that in experimental mode, the digital assets might potentially be used to pay for parallel imports:

“This is a step that speaks of a new direction in the development of financial markets in our country.”

The notion of allowing cross-border crypto payments has gained more support due to pressure from sanctions, but the majority of Moscow's political institutions are still opposed to the legalization of such payments inside the Russian Federation. A different mining measure, proposed by the liberal New People faction, was defeated because it authorized domestic cryptocurrency payments.

Last week, Anton Gorelkin, a member of the ruling United Russia party and the deputy chairman of the State Duma's Committee on Information Policy, unveiled the most recent draft of legislation. He remarked at the time that it is a more complex document that incorporates the views of the Ministry of Finance and the Bank of Russia.

Gorelkin continued by saying that the federal law "On Mining in the Russian Federation" lays the groundwork for the creation of the nation's own crypto infrastructure while without endangering the status of the Russian currency as the sole legal tender. Deliberations on a measure titled "On Digital Currency," which would more thoroughly regulate Russia's cryptocurrency business than the existing "Law on Digital Financial Assets," have been ongoing for months.

Oct 30, 2022
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