As a crypto investor with experience in the Russian market, I find the ongoing discussions about the new mining cryptocurrency law in the Russian State Duma intriguing. The proposed regulations aim to restrict mining activities to legal entities and individual entrepreneurs while setting energy usage limits. While the intent behind this bill seems noble – to prevent illicit activities and ensure regulatory compliance – I am concerned about its potential impact on the industry’s growth and profitability.
A legislation proposal concerning cryptocurrency mining is currently under consideration in Russia’s parliament, the State Duma. As reported by local media, Anton Gorelkin, deputy chairman of the State Duma Committee on Information Policy, plans to introduce this bill for debate on Friday. The timing of this bill follows a global trend towards regulating the crypto industry, with some regulations being beneficial while others raising concerns.
Russian State of Duma To Enforce New Mining Cryptocurrency Law
As a data analyst examining this situation, I’ve come across local media reports indicating that the proposed legislation restricts digital currency mining to Russian legal entities and individual entrepreneurs registered with the relevant authorities. Notably, these entities must adhere to the government-imposed daily energy consumption limits to engage in such activities.
It is our strong conviction that digital currencies should not be used for illegal activities such as laundering ill-gotten gains or financing terrorism. To prevent this misuse, the legislation requires miners to report any digital money obtained through mining to the designated agency, and provides Rosfinmonitoring with the authority to maintain an updated list of relevant identification addresses.
As a researcher, I would parphrase it as: The speaker asserts that the legislation enables one to transact virtual currency gained from mining without relying on Russia’s communication infrastructure.
Global Perspective of Mining Cryptocurrency
On a global scale, there is ongoing debate among governments regarding the regulation of crypto mining. In the United States, for instance, an attempt was made to assess the amount of energy consumed in cryptocurrency mining. Yet, this initiative faced significant resistance.
The record-low profitability index for Bitcoin mining, as indicated by Luxor’s hashprice, reached a new low at $57.09 on April 26. This figure recalls the prices seen during FTX’s collapse, which was led by Sam Bankman-Fried.
Duma’s New Bill Might Impose Some Restrictions
The recently proposed legislation by Duma concerning cryptocurrency mining could influence the volume of mining activities that ensue.
As a researcher, I can rephrase that statement as follows: “The measure may still restrict mining activities in certain Russian Federation regions. It’s plausible for the government to grant such authority; however, considering the potential impact on the mining industry’s expansion, we expect an in-depth dialogue regarding the specifics of this restriction.”
In his viewpoint, making cryptocurrency transactions legal is a matter of national pride as it enables Russia and its allies to bypass unfair sanctions.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- EUR ILS PREDICTION
- CKB PREDICTION. CKB cryptocurrency
- TAO PREDICTION. TAO cryptocurrency
- REF PREDICTION. REF cryptocurrency
2024-04-27 02:58