Russia’s Ministry of Finance has finally uploaded a statement that the upcoming crypto regulatory bill will focus or ‘special attention’ on crypto mining following significant developments in crypto mining activities. The bill was tabled in parliament last February and is expected to be finalized in the near future.
The comments were issued following some push from the Russian administration to promote the use of cryptocurrencies as a measure to circumvent tight economic sanctions. The United States and its allies have blocked Russia from much of the global financial system because of Russia’s actions in invading Russia.
The conflict between Russia and Ukraine has led to skyrocketing inflation in the Russian state and led to the collapse of the Ruble. Russia’s proposed bill still intends to ban the use of crypto as a payment option. However, the government acted to create a comprehensive regulatory framework that allows investment in crypto and encourages crypto -related activities including mining.
So far it is seen unanimously in favor of industrial crypto mining. It’s just that there are differences of opinion on whether individuals should be allowed to mine crypto from home or not.
The finance ministry said, ‘we believe that it is necessary to focus on the development of crypto industrial mining’. In the near future, we will finalize the regulatory bill and pay special attention to mining ’.
Russia had expressed readiness to become a crypto hub before the conflict between them and Ukraine. The government argues that Russia’s cold climate with the addition of abundant energy as well as oil resources, makes it an ideal destination for crypto mining.
Russia’s use of crypto has also soared in recent years, with pre-war figures showing Russia holds 12% of the world’s total crypto, or about $ 240 billion.
