According to local media, Russia’s Ministry of Economic Development recommended allowing crypto mining in areas with a consistent energy surplus. The recommendations came only one days before the expected crypto legislation draft.
📢News Alert
Russia’s Ministry of Economic Development has greenlighted the concept of #crypto #mining regulation in the country, proposing to allow mining operations in areas with sustainable surplus in electricity generation.
Source: https://t.co/gHjvgcUWEH pic.twitter.com/YUgAVsotiq
— Crypto Dive In (@cryptodivein) February 15, 2022
Key developments
- The government proposed taxing on liquidated bitcoins generated through mining.
- Last week, Russia’s central government agencies agreed to regulate cryptocurrency by requiring exchange licences and taxing large transactions.
- According to local media, a draft bill is due by February 18.
- The Bank of Russia advocated a total ban on cryptocurrencies last month, but the finance minister urged regulating instead of abolishing digital assets.
