Russia Considers Banning Uncontrolled Crypto Mining and Trading

The State Duma of Russia is set to consider a draft law aimed at restricting the circulation of cryptocurrencies in June. This proposed legislation seeks to ban uncontrolled mining and free circulation of cryptocurrencies, allowing only state-approved organizations to legally conduct such activities. Duma lawyers have identified three main issues with the draft. Firstly, they seek clarification on whether all cryptocurrency activities are to be banned or if certain exceptions, such as mining, are allowed. The draft law is currently awaiting comments from the Central Bank of Russia. Experts believe that the proposed law, if passed, will face significant challenges.

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