Russia's State Duma supported retention of cryptocurrency mining

This is only possible if the regulators remain tightly controlled

22.01.2022 - 07:50

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1 min

What’s new? Vladimir Gutenev, Chairman of the State Duma Committee on Industry and Trade, believes that cryptocurrency mining farms in Russia should not be banned. This is reported by Prime.

Information on the Prime website

What else did Gutenev say? According to the deputy, such enterprises can be preserved, subject to strict control by the regulatory authorities. He added, however, that the high volatility of cryptocurrencies carries risks for citizens’ savings.

“Cryptocurrencies should be banned, but we could have such a surrogate financial product as a stablecoin, denominated in gold and fully controlled by the state. It would be interesting for both individuals and legal entities, and for various savings.”

What does the energy industry’s representative say? Pavel Zavalny, head of the State Duma Committee on Energy, considers it wrong that the Russian miners use electricity at tariffs for the population. This is reported by TASS.

Information on the TASS website

Zavalny believes that either mining should be banned or special tariffs on electricity consumption should be set for cryptocurrency mining companies.

“The proposal to ban mining or to create conditions for mining that would not use cheap electricity intended for the population, this is a decision that should definitely be taken.”

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