Russia’s draft measure continues to prohibit the use of cryptocurrency as a payment method. However, it will build a thorough legal framework for space investment and stimulate businesses, including mining. The finance ministry looked to be overwhelmingly in support of industrialised crypto mining. There appeared to be some disagreement over whether people should be permitted to mine from the comfort of their own homes.
Alexei Yakovlev, deputy director of the Ministry of Finance’s financial policy department, stated:
“They believe that it is vital to focus on the growth of industrial mining, but they do not believe that it is necessary to prohibit domestic mining. In the near future, they will conclude the law, which is already on the site of the government apparatus, and they will give special attention to mining.”
According to the news agency, Yakovlev made the remarks during a roundtable discussion on cryptocurrency mining in Russia. He also stated that the new cryptocurrency bill will try to strike a balance by maximising economic viability while avoiding the dangers of money laundering and other illicit activities in the field. Before its invasion of Ukraine, Russia was ready to become a crypto powerhouse. The country’s enormous energy resources, along with its frigid environment, make it a perfect location for cryptocurrency mining.
Russian crypto adoption has also increased in recent years, with a pre-war number indicating that Russians possessed 12% of the world’s total crypto, or around $240 billion.
However, given that economic sanctions have prevented Moscow from importing critical mining infrastructure technology, it is unclear how the country hopes to become a mining centre under the existing conditions. Russia’s central bank has also frequently advocated for a crypto ban.
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