Summary:
- Russia set to reverse its ban on crypto exchanges and allow the circulation of cryptocurrencies.
- The decision follows President Putin’s call to fast-track crypto mining legislation.
- Lawmakers to pass two crypto-related bills before the end of the current parliamentary session on August 5.
- Proposed ban on the advertisement of crypto-related products and services will remain.
- State Duma’s Energy Committee will not cap electricity usage for private crypto mining.
The Russian government is reportedly set to make a u-turn on its crypto exchange ban and will no longer try to stop the “circulation” of cryptocurrencies in the country. The claims came from Anton Gorelkin, the Deputy Chairman of the State Duma’s Committee on Information Policy.
For years, the country’s ministries and the Central Bank have been at odds over crypto mining and crypto exchange-related policies. Earlier this month, President Vladimir Putin called on lawmakers to end the impasse and fast-track crypto mining legislation.
In response, lawmakers have announced plans to pass two crypto-related bills before the end of the current parliamentary session on August 5. Despite this positive shift, they will uphold a proposed ban on the advertisement of crypto-related products and services in Russia.
There is mixed news for home-based crypto miners. The State Duma’s Energy Committee is reportedly set to turn its back on a proposal to cap the amount of electricity it allows private individuals to use for powering their rigs. Gorelkin mentioned that proposals to “completely ban” individuals from mining crypto “did not pass” the committee stage.
Furthermore, the lawmaker suggested that the Duma is now almost certain to pass a law allowing companies to use crypto as a settlement tool in international trade. The Central Bank, however, wants to mandate that companies use a government-approved sandbox for all such deals.
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