Russia considers introducing fines for crypto mining via open blockchain

Maria Nikolova

The Russian Duma considers the introduction of administrative penalties for mining of cryptocurrencies on open blockchains.

Russian lawmakers are considering introducing administrative penalties for those who mine cryptocurrencies via open blockchains, Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, told news agency TASS.

Mr Aksakov noted that operations involving cryptos that are not covered by the Russian laws would be considered illegitimate. This means that mining of such instruments would be banned. Violating the prohibition would result in administrative penalties – fines.

Mr Aksakov added that owning cryptos is permitted if the latter were acquired under foreign laws in foreign exchanges, outside of Russia.

The Russian law on digital financial assets has stalled as a result of FATF requirements regarding the regulation of existing cryptocurrencies, such as Bitcoin. Nevertheless, Aksakov said that the law is set to pass in June.

Let’s recall that, according to a survey conducted earlier this year, the majority of Russians believe investing in bitcoin is not profitable. The poll, conducted by the Russian Public Opinion Research Center (VCIOM), shows morethan half of the respondents (56%) claim have certain knowledge about Bitcoin but meager 9% of those surveyed say they have detailed knowledge of Bitcoin. Further 18% say they have heard the term “Bitcoin”.

The actual knowledge about Bitcoin is relatively poor. For example, among those who have heard of Bitcoin, 37% are confident that anyone can get Bitcoins, whereas 12% believe Bitcoins are banned in Russia. Another controversial finding is that 28% of the respondents believe it is harder to steal digital currencies when compared to typical currencies, whereas 29% insist that it is easier to steal digital currencies than “normal” currencies.

Read this next

Digital Assets

Midas launches investment strategies for the ‘crypto winter’

Midas.Investments has released three new investment strategies on its custodial CeDeFi platform, creating new opportunities during the ‘crypto winter’.   The platform merges diverse approaches to digital asset management into single-click products to let investors gain steady profits in any market conditions — including the ongoing bear market. a custodial CeDeFi platform, CeDeFi: Unlocking the […]

Digital Assets

Bitcoin.com Wallet adds several ERC-20 tokens

The product expansion includes representatives of the DeFi world, the Metaverse, and the largest stablecoins.

Market News

Savvy Investors to Profit Whether the Stock Market Rebounds or Not

Equities have gone up enormously since the low. SP500 has gained 13.88% since June 17. In August, the indices drifted sideways. On Wall Street, veteran investors expect a move in either direction.

Industry News

Wall Street-backed MEMX obtains SEC approval for options trading platform

The company has raised more than $135 million in funding from 18 stock trading and investing heavyweights, including BlackRock, Citadel Securities, and Morgan Stanley.

Industry News

Amundi US launches ESG strategy that seeks to outperform S&P 500

Amundi’s Responsible investing team includes more than 45 specialists, and its ESG analysis covers more than 13,500 issuers across debt and equity.

Industry News

Verto launches embedded FX payments solution

The Verto API automates currency conversions, tracks payments and exchange rates in real-time, and is being launched in the follow-up of a $10 million in Series A funding last year.

Industry News

SEC awards over $16m to whistleblowers after another successful enforcement action

The program is 10 years-old and has arguably played a critical role in the Division of Enforcement’s ability to effectively detect wrongdoing, protect investors and the marketplace, and bring violators to justice.

Digital Assets

Ripple submits most succint explanation of Hinman issue in XRP lawsuit

It might be useful to get up to date as this could be the end of the road for the SEC.

Retail FX

TradingView integrates first Brazilian broker, Órama Investimentos

Órama offers all kinds of investment products, from fixed income to crypto-related funds.

<