https://en.sputniknews.africa/20240802/1067716647.html
Russia's Upper House of Parliament Legalizes Cryptocurrency Mining
Russia's Upper House of Parliament Legalizes Cryptocurrency Mining
Sputnik Africa
MOSCOW (Sputnik) - The upper house of the Russian parliament voted on Friday to legalize cryptocurrency mining in Russia starting November 1, 2024. 02.08.2024, Sputnik Africa
2024-08-02T18:34+0200
2024-08-02T18:34+0200
2024-08-02T18:51+0200
russia
currency
alternative currency
cryptocurrencies
mining
russia's state duma
parliament
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The bill sets out conditions for cryptocurrency mining. Only Russian legal entities and individual entrepreneurs registered by the Digital Development Ministry will be allowed to "mine" digital coins above the energy consumption limit. The senators voted in the second reading to lift a ban on the circulation of digital currencies in Russia and introduce a ban on crypto advertising. This ban will take effect as soon as the bill becomes law. Individual entrepreneurs will be prohibited from "mining" cryptocurrencies if convicted for any of a range of financial crimes, felonies, terrorism, extremism, or crimes committed against the state.Legal entities found to have ex-convicts among their founders, beneficiaries, or management will likewise be barred from mining. The bill will oblige cryptocurrency miners to release their production data and share it with a designated agency, which will pass this information on to the Bank of Russia and the Federal Service for Financial Monitoring (Rosfinmonitoring).
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russia, currency, alternative currency, cryptocurrencies , mining, russia's state duma, parliament
russia, currency, alternative currency, cryptocurrencies , mining, russia's state duma, parliament
Russia's Upper House of Parliament Legalizes Cryptocurrency Mining
18:34 02.08.2024 (Updated: 18:51 02.08.2024) MOSCOW (Sputnik) - The upper house of the Russian parliament voted on Friday to legalize cryptocurrency mining in Russia starting November 1, 2024.
The bill sets out conditions for
cryptocurrency mining. Only Russian legal entities and individual entrepreneurs registered by the Digital Development Ministry will be allowed to "mine" digital coins above the energy consumption limit.
The senators voted in the second reading to lift a ban on the circulation of digital currencies in Russia and introduce a ban on crypto advertising. This ban will take effect as soon as the bill becomes law.
Individual entrepreneurs will be prohibited from "mining" cryptocurrencies if convicted for any of a range of
financial crimes, felonies, terrorism, extremism, or crimes committed against the state.
Legal entities found to have ex-convicts among their founders, beneficiaries, or management will likewise be barred from mining.
The bill will oblige cryptocurrency miners to release their production data and share it with a designated agency, which will pass this information on to the Bank of Russia and the Federal Service for Financial Monitoring (Rosfinmonitoring).
