The Russian Ministry of Finance has reaffirmed its support for Bitcoin mining even as the country works on new laws for the cryptocurrency industry.
Director of the Ministry’s Financial Policy Department, Alexey Yakovlev, has said that Russia should promote the growth of industrial-scale cryptocurrency mining in the country.
As the local website Prime reported on Thursday, Yakovlev also doesn’t see a reason to stop people from mining Bitcoin on their own or privately. At a recent roundtable called “Mining regulation in Russia: For and against,” Russian politicians talked about the two sides of cryptocurrency miners.
Yakovlev claims that a long time ago, Russian officials settled on a regulatory framework that supports the work of crypto mining firms while also compelling them to pay taxes.
Retail miners are still a point of contention, however, according to Yakovlev.
Yakovlev says that the Russian government is still working on a bill to regulate cryptocurrencies. The goal is to make the economy as efficient as possible, reduce risks like money laundering and funding for terrorism, and make sure energy safety.
Some big Russian crypto mining companies are said to have no plans to close down if the government cracks down on the industry. The CEO of BitRiver says that such moves are unlikely to hurt the company because it is Russia’s top provider of colocation services for bitcoin mining.
In the middle of February, the first official documents related to Russia’s new crypto regulatory bill were filed by the country’s Finance Ministry. As of August 2021, Russia was the third largest country in terms of BTC mining hash rate. The country’s Ministry of Finance has already released a plan for regulating the crypto market, which shows how important the crypto mining business is to the country.