OREANDA-NEWS  The State Duma adopted in the second and third readings a bill that will legalize cryptocurrency mining in Russia. This is reported by RIA Novosti.

According to the approved document, Russian legal entities and individual entrepreneurs who will be included in the relevant register will be able to legally engage in mining. At the same time, citizens who do not exceed the energy consumption limits set by the Cabinet of Ministers will be allowed to mine digital currency without being included in the specified list.

The bill on the legalization of cryptocurrency mining was submitted to the State Duma back in November 2022. As part of the same package, it was instructed to work out permission to use such means of payment for exporters experiencing problems with settlements through traditional financial channels.

The Central Bank supported the use of cryptocurrencies and mining, including as an experiment in cross-border settlements. In mid-July, Russian President Vladimir Putin instructed to legislate mining by working out solutions on tariffs and taxes. According to him, there are risks due to high electricity consumption during the mining of cryptocurrencies.

Last week, the document passed its first reading in the State Duma. The law will enter into force 10 days after its official publication. At the same time, most of the mining regulations will come into force on November 1, 2024.