Russian State of Duma To Enforce New Mining Cryptocurrency Law: Impact on Global Regulations and Industry

The Russian State of Duma is set to enforce a new law on mining cryptocurrencies, as reported by local media. The bill, which is being presented to the body on Friday, aims to regulate the mining of digital currency in the country.

According to Anton Gorelkin, deputy chairman of the State Duma Committee on Information Policy, the draft law will only allow Russian legal entities or individual entrepreneurs listed in the relevant register to mine digital currency. Additionally, miners will be required to adhere to a daily energy limit set by the government and report any digital currency they receive through mining to the authorized body.

The global perspective on mining cryptocurrency is currently uncertain, with governments grappling with regulations. In the United States, efforts to evaluate the energy consumption of mining cryptocurrency have faced opposition. Meanwhile, the profitability of Bitcoin mining has reached an all-time low following its fourth halving event.

The new bill in the Russian State of Duma may impose restrictions on mining operations in certain regions. Gorelkin emphasized that legalizing cryptocurrency turnover is a matter of patriotism, as it allows Russia and its allies to evade unjust sanctions.

As the debate on mining cryptocurrency continues globally, the outcome of the bill in the Russian State of Duma will be closely watched by industry players and enthusiasts alike. Stay tuned for more updates on this developing story.