The Russian Duma sets up a working group to deal with cryptocurrency mining regulations

The Russian State Duma has formed a working group that will solve the complex issues of formulating regulations for the cryptocurrency mining industry.

According to one Official Announcement On November 11, the President of the State Duma, Vyacheslav Volodin, instructed the legislature to set up a group to resolve the regulatory gap in the industry.

The group was formed after a statement by Andrei Lugovoy, the first vice chairman of the Security and Anti-Corruption Representative Committee.

Lugovoi, a member of the right-wing Liberal Democratic People’s Party, said on Thursday that representatives had drafted a draft bill that they would submit in the Duma “without error”.

The deputy said that the Bitcoin thing (Bitcoin) Mining regulation has become inevitable, claiming that crypto miners earn US$2 billion in the country every year, allegedly at the expense of the population, and that miners do not pay taxes. Lugovoi added:

“Due to the lack of supervision of the production of cryptocurrency, law enforcement agencies often fall into a dead end because they cannot identify criminal signs and make necessary procedural decisions in their personal activities.”

As famous Anatoly Aksakov, Chairman of the Financial Market Committee of the Russian State Duma, in September, through a local business publication RBC, recommended that the Duma be based on Laws governing entrepreneurial activities.

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Just earlier this week, the Ministry of Economic Development and the Ministry of Energy Voiced They support Aksakov’s plan, but the central bank-the Bank of Russia-still opposes it, on the grounds that it cannot support measures that will create new “currency substitutes.”

As Volodin pointed out earlier, Russia’s crypto mining problem has Really become urgent, As the miners moved from China to the country.Russia and neighboring Kazakhstan are now The top three countries in the world for computing power On the Bitcoin network.