Russia’s Finance Ministry considered banning household mining pointless

The department claims that it is necessary to concentrate on the development of cryptocurrency mining on an industrial scale

31.03.2022 - 14:30

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What’s new? Russia’s Ministry of Finance has considered that it should focus on the development of mining as an industrial industry. Deputy Director of the Financial Policy Department of the Ministry of Finance Alexey Yakovlev stated that it is pointless to ban household mining. This is reported by Prime.

Information on the Prime website

What does Yakovlev say? During the round table “Regulation of mining in Russia: pros and cons,” the official noted that the draft law on the regulation of cryptocurrencies dated February 18, 2022, will be finalized shortly. Regarding mining, he noted:

“Today we talked about two groups of miners – these are, let’s say, industrial and household ones. We believe that it is necessary to concentrate on the development of industrial mining, but it probably does not make sense to ban household mining.”

What had happened before? On March 28, Deputy Energy Minister Yevgeny Grabchak called for the introduction of mining into the legal framework of the country as soon as possible. In his view, there is a legal vacuum in the field of mining that needs to be addressed. Russian Deputy Prime Minister Alexander Novak believes that cryptocurrency mining should be fixed at the legislative level in Russia, such a decision will allow legalizing of mining and levying of taxes in this sector.

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