Russia may impose fine on crypto mining before June end

On June 7, the parliament of Russia has made consideration on the issue of mining of cryptocurrency and has taken a decision to impose administrative responsibility for such operations.

The Chairman of the committee of the State Duma, Aksakov briefed TASS (local news outlet) in an interview about this scenario and affirmed that the government is considering crypto-mining administrative responsibility by the end of June.

Duma elaborated that anything which is against the legislation and rules set by the country must be regarded as illegal, and strict actions should be taken against such acts.

He said that all things related to crypto-minings are illegal, and also open blockchains linked with that produce illegal products. The people involving in such activities should bear the consequences in the form of fines.

The crucial point to note here is that buying or selling of Bitcoin is not illegal and Aksakov said that people can own Bitcoins. However, it should be taken under the terms and conditions imposed by foreign law for sales.

Previously, in May 2018, a bill of “Digital Financial Asset” was approved but it had certain loopholes as it did not discuss anything related to crypto-mining. So, it was sent back for reconsideration.

The government kept on delaying the requirement of FATF to introduce crypto-related terms. Also, a judge at the Supreme Arbitration Court, Lyudmila Novoselova emphasized that in the Russian civil law, there should be added the word “Digital Assets”.