As Russia continues to work on new rules for the cryptocurrency industry, the Russian Ministry of Finance has expressed renewed support for Bitcoin (BTC) mining.
Russia should encourage the development of industrial cryptocurrency mining in the country, urged Alexei Yakovlev, director of the ministry’s financial policy department.
It also makes no sense to ban retail or home Bitcoin mining, according to Yakovlev, local outlet Prime reported on Thursday. Russian legislators discussed the two categories of cryptocurrency miners at a recent roundtable “Regulation of mining in Russia: pros and cons.”
According to Yakovlev, Russian officials have long agreed on a regulatory framework for cryptocurrency mining companies, supporting their work and requiring them to pay taxes.
But there is still controversy over retail miners, Yakovlev said. He added that the Ministry of Finance is not inclined to ban such mining, stating:
“We consider it necessary to focus on the development of industrial mining, but banning home mining probably does not make sense.”
Yakovlev went on to say that lawmakers continue to work on a bill to regulate the Russian cryptocurrency, planning to maximize economic efficiency and minimize potential risks such as money laundering and terrorist financing, as well as ensure energy security.
As previously reported, some large companies associated with the production of cryptocurrencies in Russia will not have problems with their activities if the government starts cracking down on cryptocurrencies. According to the CEO of the company, BitRiver, the largest cryptocurrency colocation mining service provider in Russia, is unlikely to be affected by such actions.
Read also: Russian government calls for legalization of mining ‘as soon as possible’
The Russian Ministry of Finance officially filed the first documents related to a new bill to regulate cryptocurrencies in the country in mid-February. Earlier, the ministry published a concept for regulating the cryptocurrency market, emphasizing the importance of the cryptocurrency mining industry in the country, since, as of August 2021, Russia ranked third among countries in terms of BTC mining speed.