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The adoption of a law on cryptocurrency mining in Russia is set to accelerate due to new sanctions imposed by the United States on the Russian financial sector. Anton Gorelkin, deputy chairman of the State Duma Committee on Information Policy, announced this on his Telegram channel, highlighting the urgency of legalizing cryptocurrency for foreign trade payments, according to <a href="https://www.rbc.ru/crypto/news/666ab1d79a794726b06b541a">RBC</a>. 
Gorelkin noted that Russia could take inspiration from Iran, which has long used cryptocurrency as a means to mitigate the impact of Western economic sanctions. Iran started by legalizing industrial mining and then integrated Bitcoin into its financial system, establishing state control over domestic cryptocurrency infrastructure. 
Gorelkin stressed that while Russia does not need to fully replicate Iran's approach, the legalization of mining could serve as a significant anti-sanctions measure. 
On June 12, the Moscow Exchange and the National Clearing Centre (NCC) came under US sanctions, leading to the suspension of dollar and euro trading. These sanctions also targeted all banks with transactions involving Sberbank, one of Russia's largest banks. This development has prompted Russian authorities to expedite the legislative process concerning cryptocurrency mining. 
At the International Economic Forum (SPIEF-2024) in St. Petersburg, a session dedicated to industrial mining of cryptocurrencies concluded with consensus on the urgent need for relevant legislation to support the sector's growth in Russia. Ivan Chebeskov, Deputy Minister of Finance, underscored the priority given to the regulation of cryptocurrencies and mining by the Russian Ministry of Finance, criticizing the dollar and euro as unreliable for international settlements. 
Sergey Bezdelov, director of the Industrial Mining Association, highlighted that Russian businesses began to show interest in cryptocurrencies as an alternative payment method two years ago when Russia faced SWIFT restrictions. Expert estimates place Russia second globally in mining capacity, trailing only the United States. Over half of the Russian market is dominated by industrial <a href="https://ultramining.com/news/en/crypto-miners-shift-gears-ai-is-the-new-gold-rush/">data centers</a> with capacities of 10 MW or more, with leading centers boasting hundreds of MW. 
The current draft law under discussion aims to establish the framework for regulating mining and utilizing cryptocurrencies in international trade, marking a pivotal step in Russia's strategy to circumvent the economic constraints imposed by Western sanctions.

Russian Duma Accelerates Mining Legislation Amid US Sanctions

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