Russia’s Ministry of Finance explains the delay in adopting a bill on the legalization of mining

The department has not yet reached a consensus with the Central Bank and law enforcement authorities

18.01.2023 - 12:45

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2 min

What’s new? Deputy Finance Minister of the Russian Federation Alexey Moiseev said that the bill that will allow the legalization of mining in the country, has “stalled” again. According to him, the reason was the Ministry’s disagreement with the Bank of Russia and law enforcement agencies, RIA Novosti reports. Moiseev said that a number of meetings are planned on this matter, noting that he hopes for a positive outcome.

RIA Novosti’s material

Ministry of Finance’s position. In early December 2022, Moiseev said that the Finance Ministry disagreed with the position of the Central Bank on the regulation of mining. In particular, the department did not support the proposal for a total licensing of cryptocurrency mining. At the same time, the Central Bank proposed to allow miners to sell cryptocurrency only using foreign infrastructure and only to non-residents of the Russian Federation.

Even though the bill was developed with the participation of the Central Bank, its consideration was postponed from December 2022 due to disagreements between the regulator and other departments. Deputy Anatoly Aksakov admitted that the hearings could take place in January.

For how the mining industry works in Russia, as well as attempts to regulate cryptocurrencies in the country, read GetBlock Magazine’s special materials.

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