Bitcoin mining can attract fines in Russia

Cryptocurrency market generates news and excitement almost daily. The latest news is that the Russian lawmakers are looking into introducing penalties for those for crypto mining. This news has been confirmed by the chairman of the State Duma committee on financial markets, Anatoly Aksakov.

Mr. Aksakov told the local news agency TASS that Crypto mining operations that are not considered legal by Russian authorities would be liable for the penalty. This effectively means that mining of cryptocurrency would be banned in the country. Anyone violating the prohibition will be attracting administrative penalties-fines. He also added that ownership of cryptocurrencies is permitted if it has been acquired in foreign exchanges under foreign laws outside of Russia.

The FATF requirements have stalled the Russian lawmakers on regulating digital assets. The regulation of existing Cryptocurrencies such as Bitcoin is yet to be passed. Mr. Aksakov assured that the law would be passed in June.

There is a survey conducted earlier in 2019 among Russian people which showed that investing in bitcoin is not profitable. The poll which was conducted by Russian Public Opinion Research Center (VCIOM) demonstrated that more than half of the respondents (56%) have little knowledge about Bitcoin and only 9% have detailed knowledge about Bitcoin. Another 18% has told that they have vaguely heard about the term Bitcoin.

This shows that the actual knowledge about Bitcoin is relatively poor in Russia compared to other countries. For example, 12% of those interviewed believed that bitcoin is banned in Russia, only 37% believed that anyone could get Bitcoins. Another controversial finding shows that 28% of respondents believe that it is harder to steal digital currencies compared to conventional currencies. 29% insist that it is easier to steal digital currencies than normal currencies.

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