Deputy Minister Evgeny Grabchak said yesterday that the legal loophole in relation to crypto mining must be eliminated in order to legalize it.
Russia has been cut off many avenues of income by international sanctions against it, after its invasion of Ukraine and the terrible war that has caused countless deaths.
For this reason, the huge country, which is the third in the world in oil production, is looking for unconventional ways to produce resources, such as cryptocurrency mining.
Russian Deputy Energy Minister Evgeny Grabchak declared yesterday that the legal loophole in crypto mining should be closed, according to a news agency report. TASS.
Grabchak stressed that it would be more effective decide mining locations and release energy resources for miners at the regional level instead of the federal level and that this should be governed through regional development plans.
The Vice Minister of Energy also added that the legal vacuum that exists in cryptocurrency mining must be addressed. “as soon as possible”.
In this regard, he stated:
“The legal vacuum makes it difficult to regulate this area and establish clear rules of the game. This legal loophole must be [eliminado] as soon as possible. If we somehow want to get along with this activity, and we have no other options in the current reality, we must introduce a legal regulation, adding the concept of mining to the regulatory framework”.
Last week, Russian State Duma member and Chairman of the Energy Committee Pavel Zavalny also suggested Bitcoin and national currencies as payment alternatives for energy exports to “friendly nations”. Some of the nations that have expressed their support for Russia are Venezuela and Syria.
Likewise, last week Zalvany also expressed that Russia was considering selling oil and gas in Bitcoin.
Furthermore, as a follow-up to President Vladimir Putin’s earlier demand that “hostile countries” use the ruble for such transactions, Zavalny suggested gold and Russia’s currency, the ruble, as payment options for the country’s energy supplies. , to which the EU refused.
Even as Ukraine legalized the cryptocurrency market and received financial assistance in digital assets, some industry observers worry that Russia could use cryptocurrencies to circumvent financial and economic sanctions. The European Union clarified, in this regard, that the sanctions included crypto.
After calling for a ban on cryptocurrencies ahead of the Ukraine invasion, Russia’s central bank has now issued a license to the country’s largest bank, Sberbank, to trade digital assets.
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