Russia’s Ministry of Finance opposes the total licensing of mining

The implementation of the measures proposed by the Central Bank will not allow cryptocurrency mining outside the experimental legal regime

07.12.2022 - 10:45

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What’s new? The Ministry of Finance of the Russian Federation does not agree with the position of the Central Bank regarding the regulation of the mining industry. In particular, the department did not support the proposal for the total licensing of cryptocurrency mining. This was announced by Deputy Finance Minister Alexey Moiseev at a meeting of the Financial Market Development Council, Kommersant reports.

News on the Kommersant website

The Central Bank’s position. According to Moiseev, the implementation of the measures proposed by the Bank of Russia will actually mean a ban on mining, which is conducted outside the experimental legal regime. Their implementation will lead to the fact that miners will have to mine through authorized organizations, which means total licensing. “We are against it,” Moiseev summed up his statement.

Earlier, the Bank of Russia supported the draft law on the regulation of mining, prepared with the participation of the regulator, and submitted to the State Duma. The document suggests allowing the sale of mined cryptocurrency both on foreign platforms and in Russia — through a special platform to be created within the framework of the law on experimental digital regimes.

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