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The New Cryptoverse: Bitcoin Mining Receives Fresh Support From Russian Finance Ministry

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Cryptocurrency is now a more mainstream part of the global financial system, which would mean that, for better or for worse, it will inevitably be a part of international conflict. While supporting crypto mining companies, the Russian lawmakers are still not sure whether they should ban individuals from mining crypto. However, prior to this time, the Russian government officials called to legalize mining ‘as soon as possible’. Following up on this, speaking at the first national conference of legal crypto miners in Irkutsk, Russian Deputy Minister of Energy, Evgeniy Grabchak called for introducing a regulatory framework for the sector as soon as possible. At the recent conference, he stated that:

“The legal vacuum makes it difficult to regulate this area, as well as set clear rules of the game. This legal vacuum needs to be eliminated as soon as possible. If we want to somehow get along with this activity, we have no other option in the current reality than introduce legal regulation, adding the concept of mining to the regulatory framework”.

The deputy minister also suggested that it would be more prudent to let the regional authorities, not their federal counterparts, set the sites for mining and the possible energy quotas. 

“Perhaps, it should be synchronized with the regions’ development strategies and other industry sectors’ plans,” 

he added.

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Mind The Glass

Even while trying to maintain its modesty, in a more realistic sense, the speech made by the Deputy Minister, Grabchak’s, to an extent will put mining in Russia in the state’s strategic perspective. To add to this, he further shared his disbelief in the market’s ability to regulate the quantity and allocation of mining operators. Earlier, on March 21, Vice-Premier Aleksandr Novak had stated that “it would be reasonable” to legalize mining.

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Going forward, Russia has continued to work on new regulations for the cryptocurrency industry. With regards to this, the Russian Ministry of Finance has expressed fresh support for Bitcoin (BTC) mining. Amidst the current oppositions from the world with regards to its action on Ukraine, suggestions from many have had its toll on its economy as they propose that Russia should encourage the development of industrial-level cryptocurrency mining in the country. This was further backed up by the Ministry’s Director of the financial policy department, Alexey Yakovlev.

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According to Yakovlev, he believes that there’s no point in banning retail or household Bitcoin mining. This he said, noting that Russian officials reached a consensus on the regulatory framework for crypto mining companies long ago, supporting their work and requiring them to pay taxes. Going further, it was noted that there’s still some disagreement regarding retail miners. He added that the Finance Ministry is not inclined to prohibit such mining, stating:

“We believe it’s necessary to focus on the development of industrial mining, but it probably does not make sense to ban household mining.”

Yakovlev went on to say that lawmakers continue working on the Russian crypto regulation bill, planning to maximize the economic efficiency and minimize potential risks like money laundering and terrorism financing as well as ensure the energy safety. As previously reported, some major crypto mining-related companies in Russia would have no problem with running their operations in case the government starts a crackdown on crypto.

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