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A Dec 7 release from local news outlet Interfax has unveiled the Bank of Russia’s awaited stance on the crypto mining industry. Amid the country’s fresh spotlight on crypto, Russia is imposing new measures on native miners.
Russia’s Crypto Mining Bill
Per the report, the Russian central bank is not opposed to giving the legal green light to crypto miners. However, the institution believes miners should not be able to sell digital tokens to Russian residents. Instead, miners should trade with foreign exchanges alone. A decision that might hamper miners already stifled by sanctions on the warring country.
In mid-November, the lower house of the Federal Assembly of Russia received a bill proposing the legalization of crypto mining. The bill explored a legal definition of mining as it pushed for the nation’s economy to incorporate digital assets. While the BoR has had an unfavorable view of the crypto industry thus far, they somewhat supported the draft bill.
The proposal had originally not brought up the idea of barring miners from selling crypto tokens to Russian locals. It also did not permit them to sell crypto outside of foreign exchanges or the nation’s experimental legal platform. However, according to the Interfax release, the BoR only endorses sales to external platforms and persons outside their borders.
Miners Must Operate Under an Authorized Organization
Interfax cited a statement from the institution’s press service which read:
We believe that cryptocurrency obtained as a result of mining can be sold exclusively using foreign information infrastructure and only to non-residents.”
According to the press office, the BoR would only lift these restrictions for miners transacting “within the framework of experimental legal regimes.” Indeed, under the new proposal, miners seeking to trade self-mined assets within the nation have to operate beneath an authorized entity.
The mechanics of the new proposal may not go over smoothly with Russia-based crypto miners. Aside from the obvious sanctions, neither option open to miners allows them to evade the oversight of the Federal Tax Service. The BoR press representatives also reaffirmed Russia’s ban on crypto settlements within its borders.
Ministry of Finance Not in Support
News of the BoR’s proposal comes not long after Russia’s Ministry of Finance spoke against the strict oversight of the crypto mining business. This is the newest clash between the Russian Central Bank and the Ministry of Finance in a long-running feud regarding crypto regulation.
Deputy Finance Minister Alexey Moiseev commented on the new proposal. He reportedly believes that it would mean the “total licensing” of Russia’s mining sphere.
The Central Bank has a new position that we cannot yet accept. In fact, mining is banned, which is not carried out within the experimental legal regime. That is, people who have to do mining must do it through an authorized organization, that is, in fact, total licensing. We are against it,” Moiseev said.