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Representatives of the Liberal Democratic Party of Russia plan to submit a draught law on the regulation of cryptocurrency mining. They also suggest setting up a working group with representatives of various government committees to discuss the issue.

In this era of technological revolution, several employers, companies and organizations are trying to adopt machine learning, decentralized technologies such as blockchain and distributed artificial intelligence (DAI) to improve work efficiency and reduce operational costs as the adoption of these tools leads to a reduction in the workforce.

Russian State Duma is planning on changing the taxation threshold for cryptocurrency transactions to cover more taxpayers dealing with digital assets. As the interest in the assets from investors grows, the government wants to make sure the crypto holders will not avoid taxation.

The digitalisation of the financial industry and the economy at large as well as the development of fintech increased public demand for cryptocurrency and advanced payment methods in Russia. However, the position of the country on cryptocurrency is still not clear.

The digital ruble should become the digital currency of the Russian Central Bank, and have all the necessary to perform the functions of money, stated the regulator in its latest report.

The Russian Ministry of Economics criticized the recent law on digital assets adopted by the State Duma. It practically bans the use of cryptocurrency within the country, however, such an attitude might cause Russia huge losses.

While global giant economies including the USA and China are looking to issue their Central Bank Digital Currency (CBDC), the President of Russia, Vladimir Putin, announced they are not going to develop a national cryptocurrency.

This week, Russia’s State Duma announced that the cryptocurrency bill is ready to see the world, but the coronavirus defers the date. This legislation will give some important outlines on digital currency in the country and may even prompt the issuance of a digital Ruble.

The Central Bank of Russia (BoR) has shared some important statements about proposed cryptocurrency legalisation, especially on their issuance and circulation.