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Immediate legalization crypto mining 2022: Russian Ministry of Energy calls for immediate legalization of cryptocurrency mining

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Immediate legalization crypto mining 2022 Russian Ministry of Energy calls for immediate legalization of cryptocurrency mining
Immediate legalization crypto mining 2022

Immediate legalization crypto mining 2022: Russian Ministry of Energy calls for immediate legalization of cryptocurrency mining- Russian Deputy Energy Minister Evgeny Grabchak recently highlighted the need to regulate cryptocurrency mining during the first national conference of legal bitcoin miners in Russia held in Irkutsk.

Immediate legalization crypto mining 2022

Saying that it is “strange” that the legal vacuum in the crypto mining sector needs to be filled “as soon as possible”, he also called for the introduction of regional quotas for crypto farms instead of regulating their business at the federal level.


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Mining capital of Russia

Siberia, where electricity prices start at just $0.01 per kilowatt-hour, has been dubbed the “mining capital of Russia“. Mint rates in the region rose after China cracked down on the industry in May.

In turn, Grabchak explained:

“Legal emptiness has made it difficult to regulate the sector and establish transparent rules of the game… In the present reality we have no other option. Legal regulation that frames the concept of mining in the regulatory framework to be implemented Needed.”

Russian Crypto mining facilities

The Russian Deputy Minister of Energy further suggested that it would be more appropriate to locate mining facilities and available energy capacities at the regional level rather than at the federal level.


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I have added that these quotas must correspond to the development plans of the Russian regions, other industries and the energy system.

Cryptocurrency mining

Authorities in Irkutsk and elsewhere have also previously announced their willingness to provide sites for industrial cryptocurrency mining, if the work is recognized as a business activity, as a growing number of officials suggest.

The Chairman of the Parliamentary Committee on the Financial Market Anatoly Aksakov, Deputy Prime Minister Alexander Novak and Irkutsk Oblast Governor Igor Kobzev made calls in this direction.

Amid mounting Western sanctions over the invasion of Ukraine, Russia sees an opportunity to use crypto to restore access to global financial resources, while Moscow is looking to accept bitcoin for its energy exports.


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Government regulate the cryptocurrency space

However, government efforts to regulate the cryptocurrency space in the country have resumed, despite strong opposition from the Bank of Russia to legalize various cryptocurrency activities, including mining.

Most institutions have aligned themselves with the finance ministry’s approach, which favors regulation under strict supervision, not outright prohibition. In February, the department introduced a new “digital currency” bill.

In particular, President Vladimir Putin urged the government and the Central Bank to resolve their differences and highlighted Russia’s competitive advantages as a mining destination.

FAQ

Is crypto mining illegal?

You should check local regulations where you live, but for now, bitcoin mining is legal in most other countries.

How can I get free bitcoins?

Answer: You can earn free bitcoins through credit card purchase rewards, but if you are an expert or beginner trader you can also try airdrops, referral bonuses, play games and participate in trading contests.

Who invented Bitcoin?

Satoshi Nakamoto

No one really knows who is behind the pseudonym Satoshi Nakamoto who is credited with developing the world’s first and largest cryptocurrency bitcoin.

Who owns the most bitcoin cash?

Answer: one, a Chinese corporation, is the largest private owner of bitcoin. section. one holds 140,000 BTC, which is 0.667% of the total supply.

Is crypto farming legal?

There are some countries where bitcoin mining is prohibited, including Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia, according to The Street, a November 2021 report from the Library of Congress.

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