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.\u00a0<\/p>\n
She noted that a ‘systemic decision’ is needed \u2014 if approved, ‘no limits or sandbox will be needed’.<\/p>\n
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:<\/p>\n
\n\\”If mining occurs, but cryptocurrencies go to foreign exchanges\u2014this 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.\\”<\/p>\n<\/blockquote>\n
The Bank of Russia is a long-standing opponent<\/a> of cryptocurrencies and proposed a full ban on their issuance, circulation and exchange<\/a>, as well as the organisation of such operations on the territory of the Russian Federation.<\/p>\n
The government wants to regulate the market and for these purposes prepared the ‘On Digital Currency’<\/a> bill. It envisions conducting operations with cryptocurrencies through Russian banks, identifying holders of crypto wallets, and separating investors by qualifications.<\/p>\n
The document defines mining and the basic mechanisms for regulating it. Recently the Ministry of Finance clarified<\/a> in the bill the terminology related to cryptocurrency mining.<\/p>\n