While Russia continues to work on new rules for the cryptocurrency industry, the Russian Ministry of Finance has expressed renewed support for bitcoin (BTC) mining.
Alexei Yakovlev, director of the ministry’s fiscal policy department, urged Russia to encourage the development of industrial-level cryptocurrency mining in the country.
As local outlet Prime reported on Thursday, Yakovlev said it makes no sense to ban retail or home mining of bitcoins. Russian legislators discussed the two categories of cryptocurrency mining at a recent roundtable “Mining regulation in Russia: pros and cons.”
According to Yakovlev, Russian officials have long come to a consensus on the rules of operation of crypto-mining companies that support their work and require payment of taxes.
Yakovlev said there were still some disagreements over retail mining companies. He added that the Ministry of Finance has no desire to prevent such mining, and said:
“We consider it necessary to focus on the development of industrial mining, but banning home mining probably does not make sense.”
Yakovlev went on to say that lawmakers continue to work on regulating cryptocurrencies in Russia and plan to maximize economic efficiency and mitigate potential risks such as money laundering and terrorist financing, as well as ensure energy security.
As previously reported, some large companies associated with mining in Russia will not have problems with their activities if the government starts the collapse of the cryptocurrency. BitRiver, Russia’s largest hosting provider for cryptocurrency mining, is unlikely to suffer from such actions, the company’s CEO believes.
See also: Russian official demands the legalization of mining “as soon as possible”
The Russian Ministry of Finance officially presented the first working papers related to the country’s new cryptocurrency regulation law in mid-February. Earlier, the ministry published a concept for regulating the cryptocurrency market, emphasizing the importance of the crypto mining industry in the country, since since August 2021 Russia has ranked third among countries in terms of BTC mining hashrate.