The Bank of Russia, together with the government, is discussing the issue of cryptocurrency mining. This was stated by the head of the Bank of Russia, Elvira Nabiullina.
She noted that a ‘systemic decision’ is needed — if approved, ‘no limits or sandbox will be needed’.
The regulator’s head stressed that mining is not within the central bank’s direct remit, but the Bank of Russia has voiced its concerns:
\”If mining occurs, but cryptocurrencies go to foreign exchanges—this is one thing, but another is if ‘mined’ coins begin to be used as a means of payment inside Russia. Essentially, this would be a monetary surrogate. And therefore we raise these concerns to avoid undermining monetary circulation.\”
The Bank of Russia is a long-standing opponent of cryptocurrencies and proposed a full ban on their issuance, circulation and exchange, as well as the organisation of such operations on the territory of the Russian Federation.
The government wants to regulate the market and for these purposes prepared the ‘On Digital Currency’ bill. It envisions conducting operations with cryptocurrencies through Russian banks, identifying holders of crypto wallets, and separating investors by qualifications.
The document defines mining and the basic mechanisms for regulating it. Recently the Ministry of Finance clarified in the bill the terminology related to cryptocurrency mining.
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