Russian Energy minister calls for clear regulation on crypto mining industry

Russian Energy minister calls for clear regulation on crypto mining industry 2

The Russian Deputy Minister of Energy wants to kick out the unknown and unclear legal status of the crypto mining industry from the Russian Federation. 

Russia is that country in the world, where crypto trading is legal under the existing crypto bill of Russia, which was introduced in January of last year. But in the fourth quarter of last year, the Russian Central Bank proposed to bring a blanket ban on the crypto industry just like China. But situations seems changing with the Russia vs Ukraine conflict, where Russia is looking to use Cryptocurrencies in payment options. 

On 26 March, Evgeny Grabchak, Deputy Minister of Energy, highlighted the need for a clear regulatory framework for the crypto mining industry. Through the proposed suggestions, Evgeny called to introduce a precise crypto regulation framework on this industry of crypto mining as soon as possible. 

The Deputy Minister added: 

“The legal vacuum makes it difficult to regulate this area and set clear rules of the game. This legal vacuum needs to be (eliminated) as soon as possible. If we want somehow to get along with this activity, and we have no other options in the current reality, we must introduce legal regulation, adding the concept of mining to the regulatory framework”.

The Deputy Minister also suggested introducing a regulatory framework in favour of the regional authorities, to give special Quota for them and also specific sites for mining operations. 

Earlier this on 21 March, Vice-Premier Aleksandr Novak raised his voice in support of a regulatory framework for crypto mining Firms. 

All these questions are giving significant support to the crypto industry directly and indirectly to introduce a better version of the crypto regulation framework in Russia.  

When the first crypto bill of Russia was introduced last year, the crypto mining industry was forbidden. After 5-6 months of the introduction of the bill, many crypto proponents of the Russian crypto community raised their voices against the government and said that the government did nothing for crypto. 

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