MOSCOW—The State Duma of the Russian Federal Assembly has voted to reject a draft law on cryptocurrency mining.
The bill “On Mining in the Russian Federation,” was submitted earlier by members of the liberal New People faction, according to Bitcoin.com.
Lawmakers criticized the sponsors for failing to properly formulate regulatory principles for the activity as well as requirements for data centers and mining operators and suggest a procedure for the taxation of mining companies, Bitcoin.com reported.
Representatives of the parliamentary committees that reviewed the legislation also described it as fragmented and ambiguous, the Russian crypto news outlet Bits.media reported. They highlighted it doesn’t specify how miners and their equipment would be registered or how those who mine as individual entrepreneurs would be identified, Bitcoin.com the report added.
The rejection of the bill follows a recommendation by the country’s Financial Market Committee. Its members noted that it provides for the use of cryptocurrencies for payments inside the Russian Federation, when the country’s constitution defines the Russian ruble as the only legal tender and bans so-called “monetary surrogates,” Bitcoin.com said.
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