Andrey Lugovoi, a member of the State Duma working group on the legal regulation of cryptocurrencies, spoke about the features of the bill “On Digital Currency” and said that the Russian Federation could become a leader in mining. He said this in an interview he gave to the Parliament Newspaper.

According to him, more than 10 million citizens of the Russian Federation have invested in cryptocurrencies, and the main reason for their popularity is high price volatility.

“Given that millions of Russians already use cryptocurrencies, we should take this as a datum and try to regulate this space appropriately,” the MP said. Said.

He noted that while developing legislation regulating crypto-assets, it is not planned to impose restrictions on their ownership, but the need for declaration is foreseen.

Lugovoy said that the criteria for the status of a professional buyer specified in the bill “On Digital Currency” are not included in the document, they will be determined by the government:

“I do not exclude that the approach will be similar to that currently used in the securities market.”

According to the bill, non-professional investors can purchase digital currencies for a maximum of 50,000 rubles per year. In case of successful completion of the test, the limit is set at 600,000 rubles. Professional buyers will be able to trade without restrictions.

Lugovoi described the use of cryptocurrencies for illegal activities, often cited by regulators, as “largely a myth.” He added that today there are various services for identifying wallets associated with illegal transactions, and Russian developers have begun to create their own analogues of such software.

The deputy also expressed confidence that Russia can become a leader in the production of cryptocurrencies, “given the unique climatic conditions of Russia, the surplus of electricity and its low cost.”

Recall that the bill “On Digital Currency” provides for transactions with cryptocurrencies through Russian banks, identification of holders of crypto wallets and separation of investors by qualifications.