Regulation
Russian Federation discusses regulation to adapt cryptocurrency
- MP Anatoly Aksakov has introduced a bill to regulate and support cryptocurrency mining
- The bill provides for mining for registered Russian companies, individual entrepreneurs and individuals within energy limits
- US Treasury Secretary Janet Yellen and US Representative Brad Sherman are concerned and have warned that this could help Russia circumvent sanctions.
While Germany is selling all its Bitcoins, which have the potential to diversify risks and reduce dependence on the dollar, Russia seems to recognize this potential and may want to take advantage of it with China.
Nothing has been approved yet, but there is an initiative to introduce favorable regulations for cryptocurrency mining.
What exactly is happening?
State Duma Deputy Anatoly Aksakov has proposed a bill to remove cryptocurrency mining from the gray zone.
This bill aims to establish conditions for cryptocurrency mining within energy limits for registered Russian companies, individual entrepreneurs and individuals.
These individuals will also have to submit reports, including address identifiers, and guarantee not to combine cryptocurrency mining with energy activities.
Compliance with these conditions, if approved, will be the responsibility of the Ministry of Digital Development.
US Treasury Secretary Janet Yellen is concerned about Russia’s cryptocurrency initiatives, and US Representative Brad Sherman explicitly warns that it could be a way to circumvent sanctions.
What could this possibly mean?
In this cycle, we see cryptocurrencies evolving well beyond investments. Regardless of the tragic events and the nature of the actions of the various parties, the true value of cryptocurrencies as a decentralized financial instrument is starting to become more evident.