Russian Crypto Mining Legislation Faces Further Delay, Lawmaker Concedes

In a recent development, Russian lawmakers have acknowledged that the highly anticipated draft law aimed at legalizing industrial crypto mining is once again facing delays. Valery Seleznev, the Deputy Chair of the State Duma’s Energy Committee, expressed doubts about the law’s adoption during the fall session.

Background and Lobbying Efforts

For years, politicians in Russia have debated proposals to legalize industrial mining. Miners have been actively lobbying for recognition, even if it means paying taxes on their earnings. Their goal is to gain official status as a government-approved “form of entrepreneurship,” which they believe will attract more domestic investment to the sector.

Challenges and Divisions

Despite reports suggesting progress, divisions persist in Moscow. Seleznev emphasized the need for clearer explanations regarding the necessity of mining and the development of cryptocurrency-related technologies. He stated that the State Duma is unlikely to approve the mining bill in the current parliamentary session and may not do so during the fall session either.

Power Consumption and Infrastructure

Seleznev also called for guarantees related to power consumption, likely addressing concerns raised by energy industry officials. Additionally, he expects miners to contribute to the construction of improved power networks specifically tailored to the needs of Russian crypto miners.

While the fate of the mining bill remains uncertain, the industry continues to seek recognition and regulatory clarity. The Russian crypto mining sector’s growth potential hinges on resolving these issues.