According to Anatoly Aksakov, chairman of the State Duma Financial Markets Committee, Russia could legalize cryptocurrency mining as early as 2024.

Speaking at the 2023 Congress, Aksakov said: St. Petersburg International Economic Forum On the role mines can play in the Russian economy.

According to an English interpreter for the event, the lawmaker said the first reading of four bills to legalize cryptocurrency mining in the country is scheduled for July, and the National Assembly is expected to adopt the bills. Stated. It will start the process for them to become law.

In addition to regulating cryptocurrency mining, the bill will also address topics such as cryptocurrency mining regulation, taxation of miners, and penalties for illegal mining activities.

According to the Russian Ministry of Finance, miners in the country have generated about $4 billion worth of cryptocurrencies, generating profits of about $1.2 billion. The ministry also stressed that Russia is the second largest mining power in the world and emphasized Russia’s growing role in the mining sector.

Russia is adopting cryptocurrencies for international transactions.

However, the Russian authorities are being lured by cryptocurrencies not for domestic adoption, but for cross-border transactions.

As the country faces sanctions from various powers over its invasion of Ukraine, officials have sought ways to lessen the impact on international trade.

Aksakov noted that mined cryptocurrencies will be used for cross-border payments with foreign partners.which matches previous report The country’s central bank wants to allow Russian companies to set up specialized licensed organizations for cryptocurrency mining, according to reports.

Additionally, regulators have taken an anti-cryptocurrency stance and support the use of cryptocurrencies for international payments.

Recently, Rosbank, one of the federation’s largest banks, announced its intention to support payments in cryptocurrencies for imported goods and services. The bank said these transactions would strictly comply with existing legal requirements.

Russia Focuses on Legalizing Crypto Mining by 2024 This article first appeared on CryptoSlate.

By Jules

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