Russian government official calls to legalize mining ‘as soon as possible’
The quotas and allocations of mining operators should be set by the regional authorities, not federal, the deputy minister says. Russian Deputy Minister of Energy Evgeny Grabchak proposed eliminating the legal vacuum around crypto mining in the country and introducing clear regulation. This statement continues the recent streak of support for the crypto industry among the officials. Speaking at the first national conference of legal crypto miners in Irkutsk on Saturday, Grabchak called for introducing the regulatory framework for the sector as soon as possible:"The legal vacuum makes it....
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The legal vacuum in the crypto mining sector must be filled “as soon as possible,” according to a statement by Russian Deputy Minister of Energy Evgeniy Grabchak. The government official also called for introducing regional quotas for crypto farms instead of regulating their business at the federal level.
Russian Official Proposes Regional Energy Quotas for Crypto Miners
Cryptocurrency mining needs to be regulated soon, Evgeniy Grabchak insisted during Russia’s first national conference of legal bitcoin miners, held recently in Irkutsk. The Siberian oblast,....
The federal government in Moscow has adopted a concept for regulating the Russian crypto space as early as this month. The new framework is expected to place cryptocurrency flows under state oversight, introduce strict obligations for market participants, and ensure investor protection. Russian Authorities Move to Legalize Crypto Economy The Russian government “has determined the future of digital currencies in Russia,” an announcement published late Tuesday stated. The executive power in Moscow elaborated that the plan is to integrate the circulation of cryptocurrencies into....
A high-ranking representative of the Ministry of Finance in Moscow sees no point in banning crypto mining in Russian households as it would be hard to restrict the activity. The top official also revealed that the department is currently finalizing regulations for the mining sector as part of efforts to legalize Russia’s crypto space.
Russia Prepares to Legalize Cryptocurrency Mining
Trying to prohibit at-home crypto mining makes no sense as it would be difficult to impose such a ban, according to Alexey Yakovlev, deputy director of the Financial Policy Department at the....
The industry organization of Russian energy suppliers has come up with ideas on how to combat cryptocurrency mining in homes, basements and garages. The association believes the phenomenon is the main issue with mining in Russia as authorities prepare to legalize it.
Suppliers Move Against Mining With Cheap Electricity
The Russian association of energy suppliers and power utilities has prepared proposals to curb amateur crypto mining with subsidized household electricity, which has become a popular income source for many Russians. A letter listing its recommendations has been....
Titov Boris, the Presidential Commissioner for Entrepreneurs’ Rights in Russia and the Leader of Right Cause party, is trying to lead the Party of Growth to create clear and transparent legal regime and regulations for cryptocurrencies including Bitcoin. The Party of Growth, which represents liberal free market economy and democracy, believes that the Bitcoin blockchain technology is developing rapidly around the world, including Russia. The party proposes to legalize Bitcoin mining and officially recognize Bitcoin property rights. During an interview with TASS, a Russian news agency which....