The crypto space in Russia has been volatile in the past few months. The Central Bank of Russia recently suggested that all cryptocurrency mining and trading be banned within the country. However, the Ministry of Finance did a complete 180 and proposed allowing it to all citizens.
Russia Will Legalize Cryptocurrency Mining From Home
The new bill introduced by the Russian Ministry of Finance proposes that cryptocurrencies should be allowed as a way to build a community. The public draft proposes a legal market for digital currencies with the establishment of rules for circulation.
President Vladimir Putin’s recent comments in favor of cryptocurrencies have also fueled this move. The Russian President noted that the risks of crypto mining mentioned by the central bank were serious. However, he also wanted the Ministry of Finance to come to an agreement with the bank since there were advantages to crypto mining. He wanted the two bodies to meet in the middle to regulate mining and trading.
Russia is a Huge Market for Cryptocurrency Trading
Russia has been ranked as the third-largest region for Bitcoin mining in the world. It lost that status when the Bank of Russia’s proposal to ban it came forward. There have been reservations by the bank about the huge energy requirements for digital currency mining.
What is the Finance Ministry Proposing?
The Russian Ministry of Finance proposes regulations for the currency to stop a complete ban. These regulations would be for both mining and for trading the currency. It also proposed a new test for the knowledge required to deal in digital currencies.
Russian Government Twitter Handles
Ministry of Finance Twitter: https://twitter.com/mfa_russia
Vladimir Putin: https://twitter.com/kremlinrussia_e