Bitcoin Archive, a well-known cryptocurrency site on Twitter, said over the weekend that, should the cryptocurrency bill be passed, Bitcoin mining will be legalized in Russia by the year 2023.

The mining of bitcoins might soon be made legal in Russia. According to the main cryptocurrency legislative officer for the country, the government is now working on drafting a bill to legalize cryptocurrency mining.

If the measure is passed into law, its implementation will begin on January 1st, 2023. In the meanwhile, Anatoly Aksakov, who is the leader of the Committee on Financial Markets in the State Duma, disclosed that the hearing on the bill will take place in December.

During the course of the hearing, members of parliament would discuss the legislation. In addition, Members of Parliament have repeatedly rejected bills dealing with cryptography in the past.

You may recall that the Members of Parliament voted against the previous crypto mining law, citing concerns about loopholes. In addition, the majority of parliamentarians stated that the bill was hurried through the legislative process and did not address all aspects of cryptocurrency mining.

On the other hand, it is hard to say whether or not the politicians will go along with this one. In the upcoming weeks, according to Aksakov, the date when the crypto law will be put up for voting in the parliament will be set.

In addition to this, he was certain that the members of parliament would agree with the recent legislation. This is due to the fact that the cryptocurrency regulatory committee has reviewed and investigated the most recent cryptocurrency bill.

According to the reports from the local media, the proposal has several contentious points. One of the most important suggestions that was incorporated into the law was to provide Russian businesses the ability to mine cryptocurrencies.

Having said that, there is a caveat attached to the idea. It is forbidden for the companies to exchange any of the digital currency that they mined within the borders of Russia. As a result, they would need to sell them in markets other than Russia.

Draft Legislation to Support the Establishment of Mining Pools

It has been reported that the measure will support the establishment of mining pools that are controlled by the government. However, this will only apply to industrial and individual crypto miners that have their licenses in order.

In addition, the nation will create a "sandbox" in which businesses will be able to carry out their financial dealings. However, the transactions would be subject to a regulatory framework that is still in the testing phase.

In addition, companies that successfully operate within this sandbox would be granted permission to participate in cryptocurrency-related activities within the borders of Russia. Nevertheless, this would be subject to a great deal of regulatory scrutiny.

In the meantime, a number of people have the opinion that Russia is attempting to evade the sanctions that the EU has imposed against it. They assert that this is the reason the nation has adopted a more accommodating stance toward digital currencies.

Prior to this moment, the nation did not hold a positive view of digital currencies. Despite this, the European Union imposed yet another sanction on Russian citizens one month ago.

As a result of the sanction, individuals with Russian citizenship are prohibited from using cryptocurrency wallets within the borders of their country. This measure is being taken to prevent Russians from evading western sanctions by using cryptocurrency.