The Moscow government is rumored to be discussing a cryptocurrency mining initiative through the existence of an existing oil rig. The idea started from an oil producing company in Russia.
They found that the use of associated petroleum gas (APG) could generate electricity for the production of cryptocurrencies.
This approach is not only categorized as two -pronged, but also spurred increased interest of foreign investors, especially from China after the country’s government banned cryptocurrency -related activities.
The outcome of discussions between the Ministry of Trade and Industry with the Ministry of Digital Development and the Russian Central Bank (CBR) on this idea depends on the decision of the financial authorities whether to approve or otherwise.
For now, the only act that regulates the crypto sector in the country is On Digital Financial Assets. The Act came into force earlier this year.
Even so, the government argues that there should be additional legislation focusing on the cryptocurrency cycle and its related operations in Russia.
As explained by the chairman of the parliamentary financial markets committee, Anatoly Aksakov in September, the sector should be registered and taxed.
So far, one of the largest Russian oil companies that has undertaken crypto mining is Russia’s third -largest oil producer, Gazprom Neft, a subsidiary of Gazprom.
The company has launched crypto mining activities on the Khanty-Mansi Autonomous Okrug oil rig, located in the Tyumen Oblast district.
