The State Duma of the Russian Federation rejected the bill on cryptocurrency mining – Bits Media

Yesterday, 19 October, The State Duma of the Russian Federation voted for the deviation of the bill on cryptocurrency mining, previously introduced by the deputies of the New People faction.

The bill "On Mining in Russia" did not pass the stage of coordination of deputies of the State Duma. According to the application parliamentarians, The initiative group of the New People faction did not clearly formulate the principles of regulating cryptocurrency mining, did not give a detailed clarification of the procedure for taxation of mining companies, as well as requirements for the data centers and mining operators.

State Duma profile committees drew attention, that the bill is fragmented and does not meet the standards of certainty and unambiguity of legislation.

The bill does not have a systematic approach and is not specified, how miners will be registered as individual entrepreneurs, how will miners and their equipment be recorded, and also how persons will be identified, mining cryptocurrencies without registration as individual entrepreneurs.

Earlier, the State Duma Committee on the Financial Market recommended the parliament to reject the bill "On Mining in Russia", Motivating this, that it provides for the use of cryptocurrencies as a payment fund, What is prohibited by the Constitution.