The Russian Ministry of Finance and the Bank of Russia agreed on a draft crypto mining bill that will be adopted by the end of the year.
According to Anatoly Aksakov, Chairman of the Financial Markets Committee of the Duma, the cryptocurrency mining bill will be presented in the State Duma in the near future.
He added that crypto mining should be done in the area of hydroelectric and nuclear power plants because he believes that energy intensive operations such as crypto mining are not suitable in areas that lack energy.
Even the Ministry of Economic Development supports his opinion by stating that crypto mining is suitable to be done in stable areas that have excess electricity generation.
Therefore, the government has appointed experts to list the areas suitable and unsuitable for crypto mining in Russia.
The results of the survey found that hydroelectric power plants in Irkutsk Region and Krasnoyarsk Region offer cheap electricity while nuclear power plants in Tver, Saratov, Smolensk and Leningrad regions provide stable electricity.
Experts also believe that the authorities will ban crypto mining in populated cities such as Moscow and industrial areas.
Recently, the Ministry of Finance and the Bank of Russia also approved a cross-border crypto settlement bill because they believe the use of cryptocurrencies in cross-border settlements will benefit the country.
