Russia to legalise crypto mining

Monday 4 July 2022 15:07 CET | News

The Central Bank of Russia has announced it’s ready for the legalization of cryptocurrency mining, provided the proceeds from the activity are converted to fiat outside of Russia.

The monetary authority in Moscow is now ready to back the legalization of crypto mining under the condition that Russian miners are obliged to sell the coins they obtain in the process outside the country.

The central bank has been the hardline voice in the ongoing discussions on the future of cryptocurrencies in Russia, proposing a blanket ban on most related activities earlier this year, including mining. However, facing opposition from other government institutions and having to deal with financial restrictions imposed over the war in Ukraine, its position has started to change.

Crypto payments can be permitted if they don’t ‘penetrate’ the Russian financial system, as representatives state. While mining would not fall under the responsibility of the Central Bank of Russia (CBR), it is one of the ways to acquire cryptocurrency, in the form of fees for the validation of crypto transactions performed by miners. 

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Keywords: central bank, regulation, mining, cryptocurrency, digital assets
Categories: DeFi & Crypto & Web3
Companies: Central Bank of Russia
Countries: Russian Federation
This article is part of category

DeFi & Crypto & Web3

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