Persisting differences between government institutions are hindering the advance of legislation tailored to regulate crypto mining in Russia.
) alone, the amount of energy utilized in the crypto mining industry is already comparable to that needed in the country’s agricultural sector.
The lack of regulation, however, means that the extraction of digital currencies is still taking place in the gray economy of Russia. Two dedicated bills have been designed to legalize the mining business but they still need to be approved by the government before lawmakers have an opportunity to consider them.
The first draft law was filed in the State Duma, the lower house of parliament, by the New People party in April this year. But the draft law was withdrawn after the legal department of the house gave it a negative assessment. The following month, the liberal faction resubmitted an amended version but it was rejected again.
Meanwhile, another piece of legislation was developed by the executive power. According to Alexander Sharapov, lawyer at the KSK Group consulting firm, this bill has better chances as it was prepared with the help of the Ministry of Finance.
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