Russian authorities will create a system solution for cryptocurrency mining

Bank of Russia Governor has said that if it is adopted, an experimental regulatory regime and limits will not be needed

22.04.2022 - 09:00

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What’s new? Bank of Russia Governor Elvira Nabiullina has announced that a systemic solution on the issues of mining is being prepared jointly with the Government of the Russian Federation. If it is approved, “no limits, no sandbox will be needed” for this sphere.

News on the DumaTV website

What else has Nabiullina stated? The Central Bank is concerned about the use of cryptocurrencies as a means of payment within the country. Elvira Nabiullina believes that digital assets extracted through mining will be a monetary surrogate that can undermine monetary circulation.

What had happened before? On April 11, the Ministry of Energy of Russia supported the idea of legalizing mining. In addition, the Ministry of Energy jointly with the Ministry of Finance is discussing a taxation model for miners. The department believes that miners should consume electricity at a tariff for “others” consumers, rather than at a preferential tariff for the population. In early April, Russia proposed to establish an experimental regime to regulate mining. The “regulatory sandbox” regime is aimed at mining digital currencies using computing facilities hosted by thermal generation facilities.

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