- Deputy Anatoly Aksakov has put forward a bill to regulate and support the mining of cryptocurrencies
- The bill envisages mining for registered Russian companies, individual entrepreneurs, and private individuals within energy limits
- U.S. Treasury Secretary Janet Yellen and U.S. Rep. Brad Sherman are concerned and warned it could help Russia circumvent sanctions
While Germany is selling off all of its Bitcoins, which have the potential to diversify risk and reduce dependence on the dollar, Russia seems to recognize this potential and may want to take advantage of it along with China.
Nothing has been approved yet, but there is an initiative to introduce supportive regulation for cryptocurrency mining.
What Exactly Is Going On?
The State Duma of the Russian Federation, namely the deputy Anatoly Aksakov, proposed a bill to remove cryptocurrency mining from the gray zone.
This bill seeks to establish conditions for cryptocurrency mining within energy limits for registered Russian firms, individual entrepreneurs, and private individuals.
These individuals will also be required 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.
U.S. Treasury Secretary Janet Yellen is concerned about cryptocurrency initiatives in Russia, and U.S. Representative Brad Sherman explicitly warns that this could be a way around sanctions.
What Could This Possibly Mean?
Well, in this cycle, we see cryptocurrencies moving far beyond investments. Regardless of tragic events and the nature of various parties’ actions, the true value of cryptocurrencies as a decentralized financial instrument is starting to become more apparent.
