Lawmaker Acknowledges Further Delay in Russian Crypto Mining Legislation
Russian lawmakers have admitted that the highly anticipated draft law to legalize industrial crypto mining will be further delayed. According to TASS, Valery Seleznev, the Deputy Chair of the State Duma’s Energy Committee, has expressed doubts about the law’s adoption in the fall.
The debate surrounding the legalization of industrial mining has been ongoing for years, with miners lobbying intensively for its approval. This year, miners have made their most concerted effort yet to persuade Moscow to legalize the industry, even if it means paying taxes on their earnings. They are eager to gain official recognition as a government-approved “form of entrepreneurship” in order to attract more domestic investment.
However, Seleznev has indicated that divisions still persist in Moscow, contrary to earlier reports. He believes that there is a need for more clarity on the importance of mining and the development of cryptocurrency-related technologies.
Speaking at a meeting of the Russian Union of Industrialists and Entrepreneurs’ Electrical Power Commission, Seleznev stated that the State Duma will not approve the mining bill in the current parliamentary session. He also expressed uncertainty about its adoption in the fall session. However, he remains optimistic that the issue will eventually be resolved.
Seleznev emphasized the need for miners to provide guarantees regarding power consumption, likely in response to concerns raised by energy industry officials. Additionally, he expects miners to contribute to the construction of an improved power network that caters to their needs. Russian power industry officials revealed last month that crypto miners in the country aim to bring 6.9 GW of capacity online, while the current cumulative capacity stands at 2.7 GW. The Russian industrial crypto mining sector is now the second largest in the world, after the USA.
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