Bank of Russia and the Ministry of Finance come to an agreement on the regulation of mining

The State Duma reported that the draft law will be submitted for consideration in the near future

21.09.2022 - 13:30

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What’s new? The Bank of Russia and the Ministry of Finance have agreed on the position on the regulation of cryptocurrency mining. Anatoly Aksakov, head of the State Duma Committee on the Financial Market, said that the relevant draft law will be submitted for consideration in the near future. According to Finmarket, according to the general decision of the regulators, mining should be allowed only in regions with a surplus of electricity.

Finmarket’s material

What else did Aksakov add? The deputy noted that the Central Bank was “firmly against” the legalization of mining, as it saw it as a threat to the country’s financial system. But later, the regulator softened its position and agreed to legalize cryptocurrency mining in regions with a surplus of electricity. According to the Central Bank, not only miners but also electricity producers will be able to profit from it.

The Prime Minister of the Russian Federation Mikhail Mishustin instructed to agree the position on the regulation of DFAs, mining, and the use of cryptocurrencies in international settlements. The departments concerned must submit their proposals on these issues by December 19, 2022.

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