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Russia’s Parliament Considers Imposing Fines On The Mining Of CryptoCurrencies.

In line with a recent news published by native media outlet ‘TASS’, Russia’s parliament – the State of Duma, is about to impose administrative responsibility for the mining of ‘cryptocurrencies‘.

Within an interview with TASS, the chairman of the State Duma Committee named ‘Anatoly Aksakov’ on the Financial Market, aforesaid that the govt. might introduce administrative responsibility for cryptocurrency mining by the end of June. Aksakov added:

“I note that any operations associated with cryptocurrency that are contrary to the Russian legislation would be considered as illegitimate. This implies that mining, organizing issuance, circulation, making exchange points for these tools will be prohibited. Administrative liability within the form of a fine will be incurred for such actions. We believe that cryptocurrencies created on open blockchains like Bitcoins [BTC], Ethereum [ETH], as well as others are illegitimate tools.”

Aksakov, however, stressed that despite the mining ban in Russia, it’s  still possible to own Bitcoin [BTC] if it acquired beneath foreign law at foreign sale & exchange points.

He additionally added that a mainstream interest in bitcoin might be seen once again after the speed of transactions increase.

Russia’s major cryptocurrency bill, “On Digital Financial Assets,” had been ‘approved‘ by the Russian parliament earlier in May last year,  but was afterwards sent back to the primary reading stage after ‘reports‘ of its lack of key concepts like cryptocurrency mining, cryptocurrencies, and tokens.

Russia has since additionally ‘postponed‘ the adoption of the cryptocurrency legislation due to a requirement from the FATF [Financial Action Task Force] on Money Laundering [ML] regarding the addition of the crypto-related terms.

Also in June, Lyudmila Novoselova, chairman at the Court for Intellectual Rights of Russian Federation and a judge at the Supreme Arbitration Court, had additionally ‘argued‘ that the term digital assets should be enclosed within the Russian Civil Law.

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