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Bitcoin Mining Finds Support From Russian Finance Ministry

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Bitcoin Mining Finds Support From Russian Finance Ministry

Bitcoin mining has found fresh support from Russian Ministry of Finance, as Russia continue to work on new regulations for cryptocurrency industry.

Russia should foster the development of industrial-scale cryptocurrency mining.

According to Alexey Yakovlev, director of the Ministry’s financial policy section.

It’s also pointless to prohibit retail or domestic Bitcoin mining, according to Yakovlev, as published by the local daily Prime on Thursday.

iexclusivenews reports that at a recent round table titled “Mining legislation in Russia: For and Against,” Russian MPs examined the two types of bitcoin miners.

According to Yakovlev, Russian officials came to an agreement on the regulatory framework for crypto mining enterprises a long time ago.

Stating that they should be supported and required to pay taxes.

What You Need To Know

However, there is still some dispute over retail miners, according to Yakovlev.

He went on to say that the Finance Ministry has no intention of prohibiting such mining, saying:

“We feel it is critical to focus on the development of industrial mining, but a ban on household mining is unlikely to be effective.”

Yakovlev went on to explain that lawmakers are still working on a measure to regulate cryptocurrency in Russia.

With the goal of maximizing economic efficiency while minimizing potential hazards.

Such as money laundering and terrorism financing, as well as ensuring energy security.

Some big crypto mining-related enterprises in Russia, as previously reported.

Would have little trouble continuing to operate if the government began a crypto crackdown.

According to the CEO of BitRiver, Russia’s largest bitcoin mining colocation services provider, such moves are unlikely to have an impact.

Bitcoin Mining Finds Support From Russian Finance Ministry

In mid-February, Russia’s Finance Ministry filed the first documentation connected to the country’s new crypto regulatory bill.

The Ministry earlier presented a proposal for regulating the cryptocurrency market.

Highlighting the significance of the crypto mining industry in Russia.

Which is ranked third in the world by BTC mining hash rate as of August 2021.