Central Bank of Russia and Finance Ministry to Work on Joint Regulation of Crypto Mining

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The Central Bank of Russia (CBR) and the Russian Ministry of Finance have taken a joint stance on the regulation of cryptocurrency mining within the territory. Bitcoin mining has been on the rise in the energy-rich nation due to the profit potential it brings many Russian residents.

During the Kazan Digital Week event, Anatoly Aksakov, the chair of the parliamentary Financial Market Committee, noted that a draft legal framework dictating rules to guide the sector will soon be forwarded to the State Duma, Russia’s lower house of the Russian parliament. According to RBC, the FMC chair noted:

“In the near future, the bill will appear in the State Duma, we will work to pass it faster.”

Providing his opinion on the topic, the legislator noted that cryptocurrency mining should only be allowed in regions where energy resources are surplus and restricted in areas where it is not.

Russian Prime Minister Calls On Multiple Agencies in Russia to Look into Crypto Mining Regulation

Earlier this month, Prime Minister Mikhail Mishustin called on the CBR, Ministry of Finance, Rosfinmonitoring, Russia’s financial watchdog, the Federal Tax Service, and the Federal Security Service to build on a common position on draft federal laws regulating the issuance and circulation of digital currencies, including mining and as a cross-border payment solution.

The Russian Prime Minister also called on the Ministry of Finance, in collaboration with the CBR, to file consensus proposals for the improvement of the market for digital finance assets (DFAs) by December 1.

Last week, Mishustin noted that both regulators will have to update the “Strategy for the Development of the Russian Financial Market Until 2030,” adding that the document must reflect current geopolitical realities.