December 1, 2022

The Bank of Russia agreed to legalize mining under certain conditions

The regulator believes that the cryptocurrency that miners will receive as revenue should be implemented outside of Russia.

The Bank of Russia is ready to legalize miningcryptocurrencies, if the sale of their proceeds will take place outside the country. Director of the Department of Financial Technologies of the Central Bank of the Russian Federation Kirill Pronin stated this during the St. Petersburg International Legal Forum, writes Interfax.

“Mining is not a subject and sphereresponsibility of the Bank of Russia, however, mining is one of the ways to acquire cryptocurrency as a fee, a reward for the validation, transaction that is performed during mining. In this regard, the legalization of mining can be discussed, but here a number of conditions should be specified, which, in our opinion, must be met in this regard,” Pronin emphasized.

He explained that the cryptocurrency formed byminers as revenue, should be sold outside of Russia. The representative of the regulator noted that the cryptocurrency should not be accumulated within the country, so as not to create motivation for its subsequent use in calculations.

In April, a draft law “Onmining in the Russian Federation. Its updated version was presented at the end of May. The deputies propose to consolidate the concept of mining as an activity using Russian information infrastructure facilities and user equipment located in the Russian Federation, which results in the creation of a digital currency.