Deputy Minister of Energy of Russia Evgeny Grabchak proposed to eliminate the legal vacuum around cryptocurrency mining in the country and introduce clear regulation. This statement continues the recent streak of support for the cryptocurrency industry among officials.
Speaking at the first national conference of legal cryptocurrency miners in Irkutsk on Saturday, Grabchak called for a regulatory framework for the sector to be implemented as soon as possible:
“The legal vacuum makes it difficult to regulate this area and establish clear rules of the game. This legal vacuum is necessary [ликвидировать] as soon as possible. If we want to somehow get along with this activity, and we have no other options in the current realities, we must introduce legal regulation by adding the concept of mining to the regulatory framework.”
The deputy minister also suggested that it would be more prudent to allow regional authorities, rather than their federal counterparts, to determine production sites and possible energy quotas. “Perhaps it should be synchronized with regional development strategies and plans for other industries,” he added.
Grabchak’s speech puts mining in Russia in the state’s strategic perspective. He also shared his distrust of the market’s ability to regulate the number and distribution of mining operators. Earlier, on March 21, Deputy Prime Minister Alexander Novak also said that “it would be reasonable” to legalize mining.
On the subject: The Central Bank of Russia goes to war: cryptocurrency friend or foe?
These statements continue a series of voiced statements in support of the cryptocurrency industry after the surprise attack by the Central Bank of Russia (CBR), which back in January called for a complete ban on mining and trading.
In March, a working group in the lower house of parliament called for “clear regulation of the digital asset industry” as the most effective approach to mitigate the risks associated with the adoption of cryptocurrencies in the country.
