As Russia continues to work on new regulations for the cryptocurrency industry, the Russian Ministry of Finance has expressed its new support for Bitcoin (BTC) mining.
The senior official revealed that the Finance Ministry is currently finalizing regulations for the mining sector as part of efforts to legalize the Russian crypto space.
Director of the Ministry's Financial Policy Department Alexei Yakovlev urged Russia to encourage the development of cryptocurrency mining at the industrial level in the country
Yakovlev also said, as local publication Prime reported on Thursday, that there is also no point in banning retail or home Bitcoin mining.
It is worth noting that Russian lawmakers discussed the two categories of cryptocurrency mining at a recent round table called Are you with or against mining regulation in Russia.
According to Yakovlev, Russian officials reached a consensus on the regulatory framework for crypto-mining companies long ago, supporting their work and requiring them to pay taxes.
Yakovlev said there was still some disagreement about retail mining companies, and added that the Finance Ministry had no desire to prevent such mining.
He said that it is better to focus on industrial mining development, but it is not necessary to ban cryptocurrency mining at home.
crypto mining companies
Yakovlev went on to talk about the Russian cryptocurrency regulation bill and said that lawmakers continue to work on it in order to plan on maximizing economic efficiency and minimizing risks behind cryptocurrency mining such as money laundering and terrorism to ensure energy safety.
As previously reported, there are some mining-related companies in Russia who will not face any problem in operating their operations if the government starts a crackdown on cryptocurrencies.
BitRiver, Russia's largest crypto-mining hosting service provider, is unlikely to be affected by such actions, according to the company's CEO.
The Russian Ministry of Finance also officially submitted the first working papers related to the country's new crypto regulation bill in mid-February
The ministry previously issued a concept to regulate the cryptocurrency market, and also clarified the importance of the cryptocurrency mining industry in the country
Russia is ranked as the 3rd largest country by bitcoin mining hash rate as of August 2021.
In conclusion, we have reviewed all the information about Bitcoin mining that finds new support from the Russian Ministry of Finance, and we hope you like it.
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