The Bank of Russia supports the bill on mining but doesn’t believe that cryptocurrency obtained as a result of mining can be sold exclusively on a foreign platform and only to non-residents.
The concept behind the Bank of Russia’s bill is to create some restrictions on cryptocurrency transactions made with cryptocurrency acquired through PoW mining. At the same time, the source of this information said that in theory digital currency obtained through PoW mining can be sold exclusively using foreign information infrastructure and only to non-residents.
The Central Bank of Russia made it clear that they don’t view bitcoin as a currency (at least not yet). There are certain rules that need to be followed when dealing with cryptocurrencies, as the Russian central bank is well aware. In terms of circulation and transactions, the only thing moving forward for cryptocurrencies is authorized entities.
On Tuesday morning, the Bank of Russia announced its official stance on the new Digital Finance Act. When Minister Moiseev revealed that the Central Bank was in fact in support of total licensing for cryptocurrency mining, Deputy Finance Minister Alexei Moiseev immediately contradicted his position and said “We disagree with this position!”
The adoption of the law on crypto-mining will attract cryptocurrency investors and this activity into the legal area, which will contribute to the formation of law enforcement practices.
The bill provides that the requirements for digital currency mining will be established by the Russian government in agreement with the Bank of Russia. The executive body authorized by the Russian government will make sure that members of a mining pool adhere to these rules, which prohibit advertising or offering to an unlimited circle of people.
The bill will come into force in Russia on January 1, 2023. Cryptocurrency mining activity is currently very active in the country, but its legislative regulation has not yet been settled.