Russian Parliament are mulling fines on cryptocurrency mining by end of June
- Russian lawmakers are looking to impose a fine for any mining of cryptocurrencies by the end of June.
- It was noted that that mining, organizing issuance, circulation, creating exchange points for these tools will be prohibited.
The State Duma, Russia’s parliament, is at present considering introducing an administrative responsibility for the mining of cryptocurrencies, according to local news outlet TASS.
In a recent interview via the noted news outlet, the chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, he commented on the intentions of Russian lawmakers, stating:
I note that any operations with cryptocurrency that are contrary to the Russian legislation will be considered illegitimate. This means that mining, organizing issuance, circulation, creating exchange points for these tools will be prohibited. Administrative liability in the form of a fine will be incurred for such actions. We believe that cryptocurrencies created on open blockchains such as bitcoins, ethers, and others are illegitimate tools.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
