HomeCrypto NewsMP says Russian legislation on crypto mining will face additional delays

MP says Russian legislation on crypto mining will face additional delays

Russian Crypto Mining Legislation Faces Further Delay, Lawmaker Concedes

The much-anticipated draft law to legalize industrial crypto mining in Russia is facing yet another delay, according to recent reports. Valery Seleznev, the Deputy Chair of the State Duma’s Energy Committee, has expressed doubts about the law’s adoption in the fall.

Russian lawmakers have been debating the legalization of industrial mining for years, following lobbying efforts from miners. This year, miners have intensified their push for legalization, even if it means paying taxes on their earnings. They believe official recognition will attract more domestic investment to the sector.

However, Seleznev highlighted existing divisions in Moscow regarding the need for mining and the development of cryptocurrency-related technologies. He stated that the State Duma may not approve the mining bill in the current parliamentary session or the fall session.

Seleznev also mentioned the need for miners to make guarantees about power consumption and contribute to the construction of improved power networks. Russian power industry officials have reported that crypto miners in the country aim to bring 6.9 GW of capacity online, with the nation’s cumulative mining capacity currently at 2.7 GW.

Despite the delays and challenges, Seleznev expressed optimism that the issues will be resolved in the future. The Russian industrial crypto mining sector is now considered the second-largest globally, following the USA.

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