Russian Miners May Be Able To Sell Crypto As New Mining Bill Reaches State Duma

Legislation regulating crypto mining and sale in Russia has been filed in the State Duma.

By Jan. 1, 2023, crypto miners would be able to trade mined digital money on overseas platforms and in Russia under the legislation on experimental digital regimes that have been published on the website of parliament.

The bill also establishes the method for miners to sell mined cash, a major area of dispute as crypto liquidations are now illegal in Russia.

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"Digital currency obtained as a result of mining can be disposed of by the person who carried out the mining of this digital currency on the condition that Russian information infrastructure is not used in conducting transactions with it, with the exception of cases of transactions carried out in accordance with the established experimental legal regime," the bill states.

Advertising for digital currencies is banned by the bill. However, mining advertising is not prohibited. 

What's included in the bill: Activities to conduct mathematical calculations by operating computing devices and software and hardware to make entries in an information system that uses distributed ledger technology with the purpose of creating a digital currency and/or receiving remuneration in digital currency. The bill also introduces the designation of mining pools.

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The Duma Financial Market Committee's press service said in a statement "It is stipulated that requirements for the activities of individuals and legal entities that conduct digital currency mining, including participants of mining pools, will be established by the government of the RF in coordination with the Central Bank, while control (oversight) over compliance with set requirements will be carried out by the federal government body authorized by the government of the RF."