Definition of crypto mining has been detached from a draft bill on digital currency regulation by Russian deputies, in the State Duma, reports local news channel Interfax.
Anatoly Aksakov, chairman of the Duma Committee on Financial Markets, stated that, the aim behind the deputies’ judgment to abolish a fundamental crypto term from the bill:
“Earlier we had some thoughts on Bitcoins, on their integration into our economic system. But as we decided we don’t need them, these ambiguous Bitcoins, therefore we don’t need mining as well.
As Aksakov told Interfax, if there is a law to outline crypto mining, there would be also a need to outline cryptocurrencies. He additionally noted that it would be “senseless” to add the term mining in the regulation offered by the government. Aksakov said, if needed, mining should be taking place under tax overseer jurisdiction.
It is still uncertain, whether outlines for ICOs and tokens, as well as rules for crypto exchanges – which were mentioned in the primary draft – stay in the current version or not.
The first presentation of the bill on “Digital Financial Assets” is completed in January by the Russian Ministry of Finance. Two months later, in March, a group of deputies headed by Aksakov offered an updated version that confirmed know your customer (KYC) regulations for client identity validation on crypto trades, repeating needs in the U.S. In May, a draft of the bill was accepted by the State Duma.
Yet, a description of “cryptocurrency” was detached from the bill. In addition, mining was outlined as the “release of tokens to attract investment in capital.”
A lobby group form the Russian Union of Industrialist and Entrepreneurs (RSPP) decided to start working in an alternative crypto regulation bill. Elina Sidorenko, the vice-president of RSPP said, with the new bill, digital assets will be categorized in three groups and help abolish disagreements in the state bill, as Sidorenko calls “unfinished and fragmented.”
Aksakov interviewed to Interfax at Finnopolis 2018 at a fintech event that was hosted in the Sochi, Russia. The topic crypto and its role in the Russian economy has been discussed during the conference.
Elvira Nabiullina, head of the Russian Central Bank, mentioned interest in crypto to a “fever” and that was “fortunately” ended. The CEO of Sberbank, Herman Gref, foresaw that governments will not leave centralized control of financial policy and also currencies to accept digital currencies to develop within the next coming ten years.
Author: Berna Bayindir
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