Cryptocurrency news continues to make headlines. Some governments consider these assets as the future currency in the face of inflation. Russia’s government faces multiple issues. The Ukraine war also makes him reconsider cryptos. The central bank is willing to legalize crypto mining if certain restrictions are followed.
Bank of Russia approves crypto mining
Many countries have embraced cryptocurrencies, but others are skeptical of them. Russia wants to stay in category 2 Last month. Russia is considering legalizing crypto mining. Success requires meeting certain prerequisites.
Kirill Pronin, the Bank of Russia’s fintech head, recently spoke. The CBR is ready to legalize crypto mining, he said. To do this, miners must sell extracted coins abroad. Governor Elvira Nabiullina explains. She pushed last month for crypto payments. But not the Russian financial system.
It also limits. The governor believes bitcoin’s volatility could hurt investors. She insists it shouldn’t be traded in Russia. This week’s St. Petersburg International Legal Forum included Pronin.
The head of the Bank of Russia’s financial technology department said crypto mining is an excellent approach to collect cryptocurrencies as fees. They’ll validate miners’ crypto transactions.
Russian crypto exchange to supply liquidity?
Russian lawmakers want crypto mining to be recognized as a business operation employing Russian equipment and infrastructure. Some Russian mines have international withdrawal limitations. Ivan Chebeskov, director of the Ministry of Finance’s Financial Policy Department, advises the Russian Federation build its own exchange infrastructure to ensure sector liquidity.
When Russia is in the EU’s sights, the idea isn’t awful. Since the start of the war with Ukraine, Russia has faced several sanctions. Creating a Russian crypto trading platform could help the country escape outside control. Kirill Pronin wisely advised against using miners’ coins in national currencies.
The Russia-Ukraine war has Moscow rethinking cryptocurrency. Russia is considering legalizing cryptocurrency mining after prohibiting it this year. This procedure has conditions that miners must follow.
