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In an enlightening conversation with Happу Coin News, Andrei Lugovoi, head of the State Duma Working Group on Cryptocurrency Regulation, shed light on <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a>'s approach to cryptocurrency regulation and the potential impacts on the economy and international trade. Amidst unprecedented financial sanctions, Russia views cryptocurrency, demonstrated by Iran's example, as a viable method for bypassing restrictions in international commerce, according to <a href="https://happycoin.club/andrej-lugovoj-pervym-shagom-v-regulirovanii-dolzhen-stat-majning-bitkoina/" rel="noopener noreferrer nofollow">Happycoin</a>.
Despite years of discussions around the regulation of cryptocurrency circulation, Russia has yet to implement specific laws on the matter. Lugovoi attributes this delay to the complexity of integrating various cryptocurrency components into the Russian economy. The Expert Council of the Working Group has engaged in extensive dialogue with stakeholders across banking, energy, crypto-industry, and academia to meticulously consider all aspects of the cryptocurrency sphere.
Highlighting the need for a phased approach to regulation, Lugovoi suggests starting with the regulation of mining, specifically focusing on bitcoin mining. The regulation of alternative cryptocurrencies (altcoins) and confidential coins like <a href="https://ultramining.com/ratings/monero/" rel="noopener noreferrer nofollow">Monero</a> and Zcash is anticipated to follow, with a high likelihood of banning confidential coins to comply with anti-money laundering and anti-terrorist financing regulations.
The regulation of mining might entail special tariffs for <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a>, tax payments, and potentially the registration of mined cryptocurrency, aiming to legitimize the use of domestically mined cryptocurrency in international settlements. However, Lugovoi warns against introducing tariffs that could negatively impact the <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">mining industry</a> and Russia's competitive advantages in this field.
As the world increasingly embraces digital currencies, the Russian Central Bank Digital Currency (CBDC) or digital ruble is undergoing tests, with potential implications for international trade. The digital ruble aims to challenge <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/" rel="noopener noreferrer nofollow">US</a> hegemony in the global financial system and could play a pivotal role in the development of new international settlement scenarios. The upcoming BRICS summit in Kazan might witness discussions on creating a multilateral digital payment and settlement platform, BRICS Bridge, leveraging digital currencies like the digital ruble.
Lugovoi emphasizes the distinction between digital roubles and cryptocurrencies, noting the former as Russia's state currency in a digital form, regulated and issued by the Bank of Russia, unlike privately issued digital currencies. He also addresses concerns related to the integration of digital roubles into a social rating system, suggesting that while Russia may explore specific categorizations tied to social behavior, a comprehensive social rating system akin to <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/" rel="noopener noreferrer nofollow">China</a>'s is unlikely in the near future.
This conversation with Andrei Lugovoi provides valuable insights into Russia's cautious yet strategic approach to cryptocurrency regulation and its broader implications for the economy, international trade, and societal norms.

Andrei Lugovoi Discusses the Future of Cryptocurrency Regulation in Russia Amidst Financial Sanctions

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