Cryptocurrency mining farms may not be banned in Russia if they operate under tight government oversight. This view was expressed by Vladimir Gutenev, head of the State Duma committee on industry and trade, according to «Прайм».
«Mining farms cannot be powered in an opaque fashion; they must pay all taxes and use competitive advantages either in energy-intensive regions, or in regions where climatic conditions allow increasing their efficiency through low temperatures and cooling», — said he.
Pavel Zavally, head of the State Duma energy committee, believes that proposals to ban cryptocurrency mining or to create conditions under which miners would not use cheap electricity must be “decisively accepted,” according to ТАСС.
He called it incorrect for miners to obtain electricity at prices intended for households:
«Это неправильно, потому что цены для населения у нас субсидируются за счет промышленных потребителей. И получается, что, субсидируя население, мы субсидируем майнеров, а чем дешевле стоимость электроэнергии, тем выше объем производства».
Zaválny urged setting industrial tariffs for miners.
He also added that the expansion of cryptocurrency mining negatively affects the climate.
Earlier, the Bank of Russia published a report, in which it called for banning mining.
Among the reasons for such an initiative, the regulator cited the heavy load on power grids, environmental harm and the formation of “demand for infrastructure for carrying out operations with cryptocurrencies”.
ForkLog’s experts interviewed said the regulator’s arguments do not withstand any criticism.
In addition to the Bank of Russia’s proposal to ban cryptocurrency mining, Russia also proposed to enshrine mining as a form of entrepreneurial activity and establish special tariffs.
Mining is not currently banned in Russia, and its regulation has not been codified.
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