Andrey Lugovoy
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Andrey Lugovoy, Russian Parliamentarian Files To Study, Regulate Crypto Mining

The Russian government may be considering to legalize cryptocurrency mining. Also, the parliamentarian Andrey Lugovoy makes proposals on the creation of a working group to discuss the issue. So, this as per a Thursday press statement from State Duma, the country’s lower house of the parliament.

Furthermore, Andrey Lugovoy is also a deputy chairman of a committee on security and anti-corruption. Then, he goes on to notes how crypto miners are not paying taxes on their earnings. Of course, it’s on estimation of US$2 billion per year.

More so, Andrey Lugovoy also claims that with proper regulation, law enforcement agencies generally can determine crimes.

Notably, Russia is currently one of the beneficiaries of the exodus of miners from China.

Moreover, The latest data from the Cambridge Centre for Alternative Finance expresses that as of the end of August, Russia stands on the third-largest mining center in the world. Of course, that’s with U.S. and Kazakhstan following behind.

Additionally, Russia holds 11.2% of the global Bitcoin hashrate, which is an increase of 6.8% at the end of April.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.