In a significant move, Russian lawmakers are contemplating a ban on private citizens from mining cryptocurrencies. However, industrial miners would be exempt from this prohibition.
These revelations were made by Anton Tkachev, the Deputy Head of the State Duma’s Committee on Information Policy, Information Technologies, and Communications. He stated that Russian authorities are leaning towards legalizing crypto mining solely for registered businesses.
Tkachev highlighted that the Centre of Economic Classifications, a Russian regulatory body, is preparing to establish a new sector for “industrial [crypto] mining”.
He also mentioned the formation of the Industrial Mining Association, Russia’s first industrial crypto mining body, last month. He anticipates that this association will evolve into a self-regulatory body capable of influencing trends in the sector.
Crypto mining, despite lacking legal status in Russia, has seen a significant rise, partly attributed to the country’s low energy costs and cold winter weather. Major crypto mining firms such as BitRiver have emerged, and some oil and gas producers are exploiting their resources to mine coins.
However, the use of subsidized residential energy for mining has sparked discontent among Russian power providers. Tkachev acknowledged a surge in Russian investors in cryptocurrency, with over 13 million wallets opened in the country last year.
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