Alexey Yakovlev, deputy director of the Fiscal Policy Department of the Russian Ministry of Finance, said there is no point in trying to ban Russian citizens from mining cryptocurrencies at home, and that Russian citizens can legally that they will make a new arrangement so that they can mine cryptocurrencies explained.

As you know cryptocurrencies played an important role for both sides in the war between Russia and Ukraine† So much so that we have seen many examples of how cryptos can play a role in wars, from discussing the use of cryptos to evade sanctions, to donations raised for Ukraine. Moreover, we can say that the decisions that governments around the world are making regarding cryptocurrencies are not stopping. Let’s get into the details of the Russian cryptocurrency mining regulations.

Citizens of Russia were already mining cryptocurrencies, only the government will introduce certain rules

Cryptocurrency mining in basements and garages has been linked to lower electricity prices for households, especially in Irkutsk. For only $0.01 per kW/h In the regions where it started, it became a popular source of income for many ordinary Russian citizens. Power consumption in the city of Irkutsk has quadrupled in the past year, and officials believe the increase is largely due to mining hardware running in people’s homes.

The Russian government wants to minimize the potential risks in crypto mining. Possible risks include the threat of money laundering and terrorist financing. Of course, when it comes to cryptocurrencies of energy consumption not to mention. The Russian government also wants to guarantee the safety of energy consumption.

In December, the central government of Russia authorized the local governments of cities to set electricity rates locally in their residential areas. This allows regional governments and public companies to impose higher rates for consumption by households that exceed certain thresholds. Now A rate comparable to the system applied in Turkey.†

Russia, which is subject to unprecedented Western sanctions, Using crypto assets to restore access to global finance continues its efforts to regulate the crypto market and sees it as an opportunity. Although the Central Bank of Russia is a fierce competitor to the legalization of crypto-related activities, including mining, the Ministry of Finance has avoided potential problems by regulating the Central Bank under strict supervision.

Putin wants to bring cryptocurrency miners and high-energy people together on a common basis

President of Russia in January Vladimir Putin, in his speech, urged the two sides to resolve their differences and emphasized the benefits Russia can derive from mining cryptocurrency. The authorities in Moscow and the energy-rich Russian regions are also increasingly calling for mining to be recognized as an entrepreneurial activity. This week, the Russian Ministry of Energy The legal vacuum must be filled as soon as possible. emphasizes.

In February, the Moscow Federal Government approved a regulatory plan based on the concept of the Ministry of Finance. Shortly afterwards, the department announced that it came into effect last January. “Digital Financial Assets” A new legislation designed to fully regulate the crypto economy as the law only deals with a few regulatory issues. “Digital Currency” submitted a bill

If you want to take a look at the Russia-Ukraine cryptocurrency news that came on the agenda with the war;