While Russia continues to work on new rules for the crypto industry, the Russian Ministry of Finance has announced its new support for Bitcoin (BTC) mining.
Aleksey Yakovlev, director of financial policy at the ministry, urged Russia to encourage the development of cryptocurrency mining at an industrial level in the country.
Local outlet Prime reported on Thursday that Yakovlev said there was no point in banning bitcoin retail or mining. Russian legislators discussed the two categories of cryptocurrency miners at a recent roundtable “Regulation of mining in Russia: pros and cons.”
According to Yakovlev, Russian officials have long agreed on a regulatory framework for crypto-mining companies, supporting their work and requiring them to pay taxes.
But Yakovlev said there are still some differences over retail mining companies. He added that the Ministry of Finance is not inclined to ban such mining, and said:
“We believe it is necessary to focus on the development of industrial mining, but it may not make sense to ban home mining.”
Yakovlev went on to say that lawmakers continue to work on regulating cryptocurrencies in Russia and plan to maximize economic efficiency and reduce potential risks such as money laundering and terrorist financing, as well as ensure energy security.
As previously reported, some major mining companies in Russia will have no problem doing business if the government starts shutting down cryptocurrencies. According to the company’s CEO, BitRiver, Russia’s largest crypto mining co-location service provider, is unlikely to be affected by such actions.
Related topics: Russian officials demand the legalization of mining “as soon as possible.”
The Ministry of Finance of Russia officially handed over the first papers under the country’s new law on the regulation of cryptocurrency in mid-February. Earlier, the ministry published a crypto market regulation concept, which shows the importance of the crypto mining industry in the country, since, as of August 2021, Russia ranked third in BTC mining hashrate.