Bank of Russia calls the condition for the legalization of mining in the country

The regulator is ready to allow miners to sell cryptocurrency only on foreign exchanges and to non-residents

07.12.2022 - 12:15

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What’s new? The Bank of Russia conceptually supported the draft submitted to the State Duma on mining but proposed to introduce a number of restrictions concerning the rules for the sale of mined cryptocurrency. According to Interfax, citing the press service of the Central Bank, miners may be allowed to sell only using foreign information infrastructure and only to non-residents of the Russian Federation.

News on the Interfax website

What else did the Central Bank suggest? The Bank of Russia allows the possibility of selling digital currency derived from mining within the country in the framework of experimental legal regimes. However, in this case, it is necessary to conduct the exchange through an authorized organization. The overall position of the regulator remains unchanged, the Central Bank holds the view that the circulation of digital currency in the country is unacceptable.

The Ministry of Finance of the Russian Federation opposed the regulator’s proposal. According to Deputy Finance Minister Alexey Moiseev, the introduction of these measures would actually mean the total licensing and ban on mining outside the experimental legal regime.

The draft law on the regulation of mining, submitted to the State Duma, currently provides permission to sell mined cryptocurrency not only on foreign platforms but also on a special Russian-controlled platform. The document also implies a ban on the use of cryptocurrencies as a means of payment within the country.

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