Russia will not clampdown on residential crypto miners


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TL; DR Breakdown

  • Russia will not ban residential crypto mining
  • The country plans to monitor energy consumption
  • Russian ministries continue to call for clear regulations

An official of the Russian finance ministry has announced that the country is not looking towards banning crypto mining at home as part of its regulations. In his statement, the official conceded how hard an activity it would be if they were to start a clampdown. The official in question, Alexey Yakovlev, made these statements at a discussion involving the review and potential regulation of digital assets across the country.

Russia will monitor energy consumption

During the discussion, Yakovlev mentioned that the government is making huge strides towards legalizing crypto and other related activities. According to the official, authorities are presently looking into the activities and would ensure that they are feasible on an economic scale. However, there have been concerns that the government has been trying to get rid of in the past. These include money laundering and other sorts of malicious activities.

The official also mentioned that the country would need to create a rule to ensure the energy available is not being overutilized. Mining crypto at home has become the go-to source of making money for many people across Russia. This is because of the cheap electricity that the country provides for its citizens. However, there has been a general rise in energy usage due to more traders choosing to mine digital assets in their homes.

Russian ministries continue to call for clear regulation

Last December, an official circular directed at Regions from the capital to levy electricity payments on local residents as they wish. This meant that the regional body would increase their tariffs in houses that consume more electricity, while the reverse would be in houses that consume less. With counties coming in hot with the sanctions, Russia has been trying to turn to crypto in its fight to place back top in terms of its finances.

Although the Bank of Russia has been a clog in the wheel of the crypto sector, the finance ministry has always been pro-crypto, albeit under clear guidance. President of Russia, Vladimir Putin, instructed the official groups to find a way to reach a middle ground on their intentions for the crypto sector in the country. In his statement, he highlighted the benefits that the country could gain from mining crypto. With most influential figures calling for clear guidelines, there have been calls among ministry for the country to roll out a framework for the crypto sector across all ministries.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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