The Russian State Duma is known to be creating a group sidewise the crypto market. The function of the group is not yet clarified. Still, according to some sources, it has been known that the role of this group is to solve different issues related to the mining of cryptocurrencies. They ensured that the group would work on behalf of solving the underlying issues like regulating the operational policies for the crypto mining industry.
In the official announcement regulated on Thursday, it was clarified by chairman Volodin that the group would be dedicated entirely to the issues related to the mining industry. They will fill the gaps which need to be filled. Various problems occur when there comes to the topic of regulation of the policies. This group will ensure the working of the policies and will help in the regulation as well. The group was uniquely formed on the order of the deputy representative committee known as Andrei Lugovoy. They also confirmed that the group information is not just the statement given, but the action will be taken soon.
They said that the soft draft has already been prepar3ed, and the actions will be done to ensure the implementation without any fail. They added that the mining regulations have become unavoidable as the miners earn around $2 billion per year, which is done on the expenses of the country’s population. Thus, the regulations and the impact should be seen. They pay no taxes over it, which leads to a considerable loss for the government and the population. Thus, the group would ensure that the regulations are appropriately fitted in the ecosystems of the miners. They recommended that the group will abide by the regulatory laws set by the entrepreneurial activities, which are also governed by the laws of the government.