Feb 16, 2022

Russian Ministry wants to legalize Bitcoin mining in specific locations

The clouds of uncertainty continue to hang over Russia’s official stance on cryptocurrency. The Finance Ministry and the Central Bank take divergent views on cryptocurrency.

The Russian Finance Ministry wants to legalize crypto mining and introduce taxes on the profits accrued from cryptocurrency. In addition, the Russian ministry now wants to legalize Bitcoin Mining in specific locations.

The Russian government is creating a regulatory regimen for cryptocurrencies; a federal ministry has presented a new proposal concerning the crypto mining sector.

Russia’s Ministry of Economic Development has consented to a proposal to allow crypto mining in locations with a sustainable surplus in electricity generation, local news agency Izvestia reported.

The ministry has suggested offering electricity at lower rates for miners and data centers in specific locations in Russia.

The ministry also wants to set a threshold for power use by mining rigs and proposed introducing higher energy rates for increased energy spending. However, the report notes that the authority has yet to determine a threshold amount for this.

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