Russian Federation discusses legislation to adapt cryptocurrencies

• MP Anatoly Aksakov presented a draft law regulating and supporting cryptocurrency mining
• The bill provides for mining for registered Russian companies, individual entrepreneurs and private individuals within the energy limits
• US Treasury Secretary Janet Yellen and US Congressman Brad Sherman are concerned and warn that it could help Russia bypass sanctions

While Germany is selling off all of its Bitcoins, which could potentially diversify risk and reduce dependence on the dollar, Russia clearly sees this potential and may want to take advantage of it, just like China.

Nothing has been approved yet, but there is an initiative to introduce regulations to support cryptocurrency mining.

What exactly is happening?

The State Duma of the Russian Federation, specifically deputy Anatoly Aksakov, has proposed a bill aimed at removing cryptocurrency mining from the grey zone.

The bill aims to create conditions for cryptocurrency mining within energy limits for registered Russian companies, individual entrepreneurs and private individuals.

These individuals will also be required to submit reports, including address identifiers, and ensure that they do not combine cryptocurrency mining with energy activities.

The Ministry of Digital Development will be responsible for meeting these conditions, if they are approved.

US Treasury Secretary Janet Yellen is concerned about Russia’s cryptocurrency initiatives, and Congressman Brad Sherman has explicitly warned that it could be a way to circumvent sanctions.

What could this mean?

Well, in this cycle we see cryptocurrencies going far beyond investment. Regardless of the tragic events and the nature of the actions of various parties, the true value of cryptocurrencies as a decentralized financial instrument is starting to become more and more obvious.