Energy Ministry Proposes Regional Quotas for Mining

In Russia, it would be more sensible to allocate mining sites at the regional rather than the federal level. Deputy Energy Minister Yevgeny Grabchak told TASS, says.

He recommended aligning the allocation of spare energy generation capacity for mining cryptocurrencies with regional development plans.

“This activity, from the perspective of sites or the allocation of spare capacity by territory, must be regulated. Probably this should be done not at the federal level, but at the regional level. It needs to be synchronized with the development plans of the regions, the power system and other sectors of industry,” said Grabchak.

The deputy minister added that mining regulation must be introduced as soon as possible.

“If we want to live with this activity in some way — and we have no other options in the current reality — regulatory and legal regulation, the enshrining of the concept of mining in the regulatory base must be implemented,” added Yevgeny Grabchak.

As reported, the Ministry of Finance, based on the government\’s approved concept, developed the ‘On Digital Currency’ draft law. On February 21 it was submitted to the government for consideration. The document contains provisions on regulating cryptocurrency mining.

The Ministry of Economic Development conceptually backed the bill, proposing, in particular, to refine the definition of mining.

In February the department proposed allowing mining activity in regions with a sustainable surplus of electricity generation and to introduce reasonable tariffs on its use for companies.

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