Russia’s Ministry of Finance provides new support for bitcoin mining

While supporting crypto mining companies, Russian lawmakers are still unsure whether they should ban individuals from mining cryptocurrency

Russia’s Ministry of Finance provides new support for bitcoin mining

The Russian Ministry of Finance has declared its fresh support for Bitcoin (BTC) mining as the country continues to work on new laws for the cryptocurrency industry.

Alexei Yakovlev, Director of the Ministry’s Financial Policy Department, encouraged Russia to foster the industrialization of cryptocurrency mining in the nation.

According to Yakovlev, there is no purpose in prohibiting Bitcoin mining by people or at home, as reported by local daily Prime on Thursday. At a recent roundtable discussion titled “Regulation of Mining in Russia: For and Against,” Russian politicians debated the two types of bitcoin mining.

According to Yakovlev, Russian officials long ago agreed on a regulatory framework for crypto-mining enterprises, encouraging their operation while also forcing them to pay taxes.

Individual miners, according to Yakovlev, are still a source of contention. He went on to declare that the Ministry of Finance has no intention of preventing such operations, saying:

“We believe it is necessary to focus on the development of industrial mining, but it probably does not make sense to ban home mining.”

Yakovlev went on to explain that lawmakers are still working on the Russian cryptocurrency regulatory bill and that the goal is to improve economic efficiency while reducing possible hazards such as money laundering and terrorist funding, as well as assuring energy security.

As previously reported, several of Russia’s largest mining-related enterprises would be able to continue operating even if the government initiated a crackdown on cryptocurrencies. According to the company’s CEO, such moves are unlikely to have an impact on Bit River, Russia’s leading hosting service provider for bitcoin mining.

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