The main government institutions in Moscow, the Central Bank and the Ministry of Finance, have aligned their position on the regulation of cryptocurrency mining in the Russian Federation. The relevant law will soon be filed with the State Duma, the house will be announced by the highest-ranking member.
Financial authorities have reached an agreement on how to regulate the mining of digital coins in Russia
The Central Bank of Russia (CBR) and the Ministry of Finance (MinFin) have adopted a joint position on the regulation of crypto mining. Bitcoin-related activity has grown in the energy-rich nation as a lucrative industry and a source of additional income for many Russians.
Anatoly Aksakov, Chairman of the Parliamentary Committee on Financial Markets, announced at the Kazan Digital Week forum that draft laws introducing regulations for the sector will soon be submitted to the State Duma, the lower house of the Russian Parliament. Quoted by RBC Crypto:
In the near future, the bill will appear in the State Duma, we will work to pass it quickly.
The Russian legislator also gave his opinion on the matter. Aksakov believes that cryptocurrency mining is allowed only in regions with abundant energy resources and is prohibited in those who face a shortage.
In early September, Prime Minister Mikhail Mishustin asked the CBR, Minfin, Rosfinmonitoring, the Russian Financial Regulator, the Federal Tax Service and the Federal Security Service to have a joint position on federal laws governing the issuance and distribution of digital currencies. Mining and use in international settlements.
The head of the Russian government also ordered the Ministry of Finance to submit proposals for a joint agreement for the development of the market of digital financial assets (DFAs), including the participation of the Bank of Russia, the implementation of decentralized technologies. 1.
The two supervisors should revise the Russian financial market development strategy until 2030. The document should be revised taking into account the instructions of President Vladimir Putin and the current geopolitical situation, Mishustin said on September 13. In the current scenario, the work of DFAs contributes to ensuring uninterrupted payments to and from exports.
Russian authorities have been discussing cryptocurrencies and related activities, with CBR and Minfin taking opposing positions until recently. When the central bank proposed a blanket ban, the department backed legalization. However, the two regulators recently agreed that Russia needs cross-border crypto payments to counter Western pressure on its foreign trade.
Most of the authorities in Moscow also share the view that the Russian Federation, which was highlighted by the Russian President, should exploit the competitive advantage in the field of crypto mining. Many regions in the vast country offer low-cost energy and cool climates. At the same time, Russian crypto miners have been hit by sanctions imposed in response to Moscow’s invasion of Ukraine.
Do you think Russia will legalize other crypto-related activities besides mining? Let us know in the comments section below.
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