Prospects for Legal Regulation of Cryptocurrency Mining in the Russian Federation with Regard to International Experience

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Abstract

This scientific and analytical paper studies and analyzes the existing and prospective solutions in the sphere of legal regulation of crypto currency mining in foreign countries and in the Russian Federation. The legal and socio-economic aspects of the legal regulation of crypto currency mining in Russia are wholeheartedly considered in the scientific and analytical aspect of this work, and the characteristics of the existing draft law, designed to build a system of legislation around the activity of mining crypto currencies, are given.

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About the authors

Albert V. Pavlyuk

Moscow State Institute of International Relations (MGIMO)

Author for correspondence.
Email: albert.pavlyuk@mail.ru
ORCID iD: 0000-0001-7964-3241
ResearcherId: G-4047-2016

Cand.Sci.(Law), Associate Professor of Public Administration

Russian Federation, Moscow

Pavel I. Aibazov

Yakov & Partners (Ex-McKinsey)

Email: aibazoffp@gmail.com

Strategy Department Specialist

Russian Federation, Moscow

Maxim V. Dubasov

NLMK Group

Email: mvdubasov@gmail.com

GR specialist

Russian Federation, Moscow

References

  1. Carapella, Francesca, Jean Flemming, Central Bank Digital Currency: A Literature Review, FEDS Notes, 2020, Washington, the USA.
  2. The Federal Reserve (2022), Money and Payments: The U.S.Dollar in the Age of Digital Transformation, 2022, the USA.
  3. Grata International (2022) The legal regulation of cryptocurrency and digital mining in Kazakhstan, 2022, Kazakhstan.
  4. Bank of Russia, CRYPTOCURRENCIES: TRENDS, RISKS, MEASURES, Report for Public Consultations, 2022, Moscow, Russia.
  5. The Supreme People’s Court (SPC), Supreme People’s Procuratorate (SPP), the Ministry of Public Security (MPS), and the State Administration of Foreign Exchange (SAFE) (2021) Circular on Further Preventing and Disposing of Speculative Risks in Virtual Currency Trading, 2021, China.
  6. Economy.Online (2022), Cryptocurrency Regulation: World Experience, 2022, Moscow, Russia, available in: https://econs.online/articles/techno/regulirovanie-kriptovalyuty-mirovoy-opyt/.
  7. RBC (2022), Aksakov confirmed the authorities’ plans for a complete ban on cryptocurrency turnover, 2022, Moscow, Russia, available in: https://www.rbc.ru/crypto/news/6377589b9a79479cf72f8483.
  8. RVTI (2022), A bill was introduced in the State Duma banning «offering digital currencies to an unlimited number of people.» What does this mean and will crypto exchanges be banned, 2022, Moscow, Russia, available in: https://rtvi.com/stories/v-gosdumu-vnesli-zakonoproekt-o-zaprete-predlagat-neogranichennomu-krugu-licz-czifrovye-valyuty-chto-eto-znachit-i-zapretyat-li-kriptoobmenniki/.

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