The Russian State Duma is currently deliberating a bill that aims to regulate the mining of cryptocurrencies. According to local media reports, the deputy chairman of the State Duma Committee on Information Policy, Anton Gorelkin, stated that the measure is being presented to the legislative body on Friday.

Proposed Restrictions and Regulations

The draft law stipulates that only Russian legal entities or individual entrepreneurs listed in the relevant register will be allowed to mine digital currencies. Additionally, the bill proposes a daily energy consumption limit for these mining activities. Gorelkin emphasized that the measure is intended to prevent the use of digital currencies for illicit activities, such as money laundering, terrorism financing, and other illegal practices. The bill also requires miners to report any digital money they receive through mining, and the authorities, including Rosfinmonitoring, will maintain a corresponding list.

Global Perspective on Cryptocurrency Mining Regulation

Globally, governments are grappling with the challenge of regulating the cryptocurrency mining industry. In the United States, for instance, efforts to gather data on the energy consumption of cryptocurrency mining have faced strong opposition. Meanwhile, a crucial indicator of Bitcoin (BTC) mining profitability, the Luxor-created hashprice, has reached an all-time low, mirroring the levels observed during the collapse of Sam Bankman-Fried's FTX exchange.

Potential Impact of Duma's New Bill

The Duma's new bill on cryptocurrency mining is likely to have a significant impact on the scale and scope of mining activities in Russia. Gorelkin acknowledged the possibility of the government being granted the right to prohibit mining operations in specific regions, though he expressed the expectation of a focused discussion on the terms and extent of such a prohibition. He also emphasized that legalizing cryptocurrency turnover is a matter of patriotism, as it allows Russia and its allies to circumvent unjust sanctions.

Overall, the Duma's proposed legislation represents a comprehensive approach to regulating the cryptocurrency mining industry in Russia, balancing the need for oversight and control with the potential benefits of embracing this emerging technology.