Moscow’s central bank, as well as the financial ministry, has aligned its positions regarding the regulation of cryptocurrency mining within the Russian Federation. It will be submitted to the State Duma. This is a highly-ranking member the House.
Russian Financial Authorities reach consensus on how to regulate mining of digital coins in Russia
CBR (Central Bank of Russia) and Minfin (Ministère of Finance) jointly adopted positions on regulation of cryptocurrency mining. As a lucrative industry, bitcoin mining has seen an increase in Russia’s energy-rich country. It also provides additional income to many Russians.
Anatoly Aksakov (chair of the parliamentary Financial Market Committee) announced at the Kazan Digital Week that draft legislation to introduce rules in the sector would be presented soon to the State Duma, the lower Russian house. RBC Crypto quoted him as saying:
We are working to speed up the passage of the bill in the State Duma.
Russian lawmaker, Aksakov also offered his opinion on the subject. Aksakov thinks that cryptocurrency mining should only be permitted in areas with plenty of energy resources, and that it should not be prohibited in places that have shortages.
Earlier in September, Prime Minister Mikhail Mishustin asked the CBR, Minfin, Rosfinmonitoring, Russia’s financial watchdog, the Federal Tax Service, and the Federal Security Service to elaborate a common position on draft federal laws regulating the issuance and circulation of digital currencies, including their mining and use in international settlements.
With the Bank of Russia’s participation, the Russian head of government directed the Ministry of Finance to make consensus recommendations for developing the market for digital assets (DFAs) by December 1.
They will need to revise the Strategy for the Development of the Russian Financial Market until 2030. The document should be revised taking into account President Vladimir Putin’s instructions and the current geopolitical situation, Mishustin stated on Sept. 13. Mishustin also stressed that DFAs would contribute to uninterrupted payment for exports and imports under current circumstances.
Russian authorities are currently discussing regulation of cryptocurrency and related activities. Minfin and the CBR have taken almost opposing positions up until now. The central bank suggested a blanket ban but the department favored legalization. However, both regulators have recently agreed to allow Russia cross-border payments for crypto in order to combat the Western trade restrictions.
Moscow’s majority of officials also agree with the Russian Federation’s view of exploiting its crypto mining competitive advantage, which was highlighted by President Putin. The vast country offers both cool and low-cost energy in many regions. At the same time, Russian crypto miners have also been hit by sanctions imposed over Moscow’s invasion of Ukraine.
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