Russia has been undergoing several changes when it comes to its stance against the cryptocurrency industry.
The country has become semi-welcoming and open to cryptocurrencies as it allows mining operations in its jurisdiction but their usage is banned.
Although the country wants to keep the usage of cryptocurrencies banned on its soil, it wants to expand its mining sector. For this purpose, the country has been making several amendments to its mining laws.
Amendments to the November Law
It was back in November 2022 when the first-ever bill was submitted by the lawmakers at the State Duma for approval. The bill proposed the legalization of cryptocurrency mining operations in the country.
Turns out, the lawmakers had more plans for the mining operations and they have introduced amendments.
With the amendments, the new bill is to be proposed at the Russian parliament’s lower house. The lawmakers had undergone several consultations and changes to the laws before coming up with the proposals.
The parliamentary Committee on Information Policy’s deputy chairman, Anton Gorelkin has provided updates on the matter.
He revealed that they have been going through the new and the old proposals. So far, they have realized that the reviewing process of the new regulations and laws is very complex.
It is very important that they go through the difficult process and carry out the necessary consultations before coming to the final proposal.
New Bill is to be Postponed
Gorelkin has revealed that initially, they wanted the bill to be approved as soon as possible.
When they first started working on the crypto mining bill, they did not go through many checks and procedures. But the cryptocurrency mining sector has expanded so much in the past couple of years.
Most importantly, the crypto industry has become very risky and complex. Therefore, they want to ensure that they have each aspect covered and fully understood before they make the final decision.
Gorelkin also confirmed that he is among the co-sponsors of the new bill so he wouldn’t want it to be delayed any further.
Unfortunately, there is still a lot of work to be done and points to be reviewed before they can propose the bill and have it approved.
He confirmed that as per his knowledge and experience, the bill is definitely going to get delayed. The mining community in Russia will have to wait a while until they are able to come up with the final decision.
Until then, the proposal is going to remain postponed and more research, and consideration will have to be put in before the bill is proposed.
Despite mentioning the postponement, Gorelkin has not ruled out the possibility of the new bill being proposed in the running year.
He has mentioned that their goal is to work on the new bill, submit it for review, and approval, so it can be implemented in the year 2023.
Political Instability is Causing the Delay
The major reason why it is taking too long for the Russian authorities to approve the bill is because of political instability.
The instability is being witnessed not due to internal affairs but due to external ones. The country is under a barrage of sanctions aiming to destabilize the country’s economy.
As a result, the country’s political situation is facing a state of conflict. The country wants to deal with the sanctions and the import/export problems and that is where cryptocurrencies come in.
The country has been advancing in the adoption of crypto mining and to achieve its goal, it is aiming to legalize crypto mining. However, the country wants to analyze whether its economy will be boosted by mining operations or not.
This is the gray area that the Russian decision-makers are trying to clear out at the moment. Once it is resolved, the country will take a step forward with the legalization of mining operations.