Russia establishes a working group on cryptocurrency mining regulations

Russia establishes a working group on cryptocurrency mining regulations

According to an official announcement on 11 November, the president of the State Duma Vyacheslav Volodin has instructed the legislator to create a group that addresses the regulatory gaps in the cryptocurrency mining sector. The group was formed following a statement by Andrei Lugovoy, the first member of the Representative Committee for Security and Combating Corruption.
The deputy said the question of regulating bitcoin mining had become inevitable, arguing that cryptocurrency miners earn $ 2 billion a year in the country, presumably at the expense of the population, on which miners pay no taxes.

“Due to the lack of regulation on cryptocurrency production, law enforcement agencies generally fall into a dead end, since they cannot establish signs of a crime in individual businesses and make the necessary procedural decisions,” added Lugovoy.
As noted earlier by Volodin, the issue of cryptocurrency mining in Russia has indeed become urgent, as miners move to the country from China. Russia, along with neighboring Kazakhstan, are now both in the top three countries by global hash rate on the Bitcoin network.