- The pending law, dubbed “On Digital Currency,” was originally submitted to Russia’s parliament in February
- The Central Bank of Russia called for a ban on crypto mining earlier this year
Russia’s Finance Ministry has amended its digital currency bill to include provisions on cryptocurrency mining, the agency said on Friday.
The ministry submitted the original cryptocurrency bill to the Russian parliament in February, which focused on digital assets as investment vehicles. The updated version of the bill, the ministry said, includes detailed rules for cryptocurrency trading and mining.
The upcoming legislation, dubbed “On Digital Currency,” comes as interest in the Russian government’s use of cryptocurrencies continues to grow amid the ongoing war in Ukraine that began on Feb. 24 when Russia invaded the country.
In January, the Central Bank of Russia called for a ban on cryptocurrency mining, citing concerns that digital assets could undermine financial stability.
Reports that Russia was considering a state-sponsored digital ruble, its own central bank digital currency, circulated in early February.
In March, Sberbank, Russia’s largest lender, received a license from the country’s central bank to start issuing digital assets in response to US economic sanctions. Assets issued on the bank’s digital platform are recorded and circulated through a distributed ledger technology system to ensure “data security” and data immutability, Sberbank said.
The license will allow companies in Russia to issue their own digital assets, provided they demonstrate they meet cash requirements, and to use digital assets issued through the bank’s information system. The news came as concerns about how Russian companies could use cryptocurrencies to evade sanctions.
The updated version of On Digital Currency introduces the concepts of professional and non-professional buying of digital assets, according to a report by Russian news agency Kommersant. It also states that cryptocurrency products, trading and mining rules need to be evaluated, the report added.
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Casey Wagner
blocks
Elderly reporter
Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structures, central banks and governments, and CBDCs. Before joining Blockworks, she covered markets for Bloomberg News. She graduated from the University of Virginia with a degree in media studies. Contact Casey via email at [email protected]
