Russian Ministry of Finance: “Bitcoin and Cryptocurrency Mining Will Not Be Banned”

An official of the Russian Ministry of Finance said in a statement that Bitcoin and cryptocurrency mining will not be banned.

A senior official of the Russian Ministry of Finance said in a statement that such a ban would be meaningless, as it would be difficult to restrict the mining of Bitcoin and cryptocurrencies carried out by Russians at home.

We Are In The Final Stage Of Regulations To Legalize Cryptocurrency Mining

The same senior official also stated in his statement that the Ministry of Finance is currently in the final stages of regulations that Russia will apply to the mining industry to legalize the cryptocurrency space.

Alexey Yakovlev, director of the Fiscal Policy Department of the Russian Ministry of Finance, said such a ban would be unreasonable, as it would be difficult to implement.

Yakovlev made this statement at a Zoom roundtable meeting on the legalization and regulation of the cryptocurrency mining industry.

According to local media sources, Yakovlev said at the meeting that the work for new rules that will legalize crypto mining has come to an end.

According to the official, the Russian authorities will attach importance to continuing the activities in the crypto mining sector to be economically sustainable.

Russia's Energy Security Must Be Guaranteed

However, the Russian government also aims to minimize the potential risks associated with crypto technology. On the subject, Yakovlev drew attention to the issues of money laundering and financing of terrorism. The official also stated that the energy security of the Russian Federation should also be guaranteed.

For Russians, mining cryptocurrencies in their basement or garage has become an increasingly popular source of income. Mining activities are increasing, especially in regions like Irkutsk, where household electricity prices are extremely low.

Electricity consumption in the region has quadrupled compared to last year, and officials believe this increase is due to people mining Bitcoin and crypto at home.

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