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Russian Authorities seeks to Legalize Crypto Mining

There’s strong intent from several Russian industry leaders, including the State Duma, Ministry of Energy, and the Ministry of Economic Development, to embrace crypto mining.

These government agencies are pushing for crypto miners to be officially recognized as “entrepreneurs” and be treated as such, but there’s strong opposition from another government parastatal, the Russian Central Bank. The country’s apex bank is worried about the risks that cryptocurrencies carry.

Related: Kazakhstan eyeing $1.5B profit from Crypto Mining within five years

According to a report by local news platform Izvestia, the Ministry of Economic Development believes that approving crypto mining will benefit the state and the crypto industry alike, in line with the belief of the Ministry of Energy and the head of the financial market committee. Russia’s lower house of representatives, the State Duma, supports the notion but suggests an increased electricity tariff for miners.

The intergovernmental agencies are proposing a new classifying protocol that will enable large-scale miners to register their businesses. A recent study by the Cambridge Centre for Alternative Finance (CCAF) ranked Russia as the world’s second-largest bitcoin mining country, contributing 18.1 % of the global hash rate. Only the United States of America produces more with 35.4%.

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About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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