Anton Siluanov, the finance minister of Russia, is prepared to discuss the gray areas surrounding cryptocurrency mining and the use of its proceeding for payments. In a recent lecture, Siluanov stated that the government needed to agree “on what can be done with cryptocurrency,” and “what cannot be done,” recognizing that the issue had been discussed for years.
Russia to Clarify Cryptocurrency Mining Gray Areas, Including Payments
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Russia Prepared to Define Cryptocurrency Mining Rules
Anton Siluanov, the finance minister of Russia, has referred to a possible resolution around the gray areas surrounding the cryptocurrency mining activity and the use of its proceedings in Russia. In a recent lecture, Siluanov declared that while he was against the circulation of these mined cryptocurrencies in the country, he acknowledged a need for defining rules for these assets.
Referring to the circulation of mined cryptocurrency in the country, Siluanov stated:
Of course, both we and the Central Bank are against cryptocurrencies being circulated within the country, because cryptocurrencies are not under the control of our regulator.
This opposition to the legalization of cryptocurrencies in Russia is not new. In 2017, the Central Bank of Russia opposed this legalization, acknowledging that it would constitute a loss of control over the money flows from abroad.
Siluanov stated that he would meet with the central bank officials to define what can and can’t be done with mined cryptocurrency in the country, including the possibility of using it for domestic and international payments.
“We are all inclined towards what can be used in external payments, but internally, what prohibitions and restrictions for this will be discussed today,” he stressed, recognizing this subject had been on the table for many years.
Russian President Vladimir Putin has been a supporter of using digital currencies for international payments since 2022, and he recently signed a law that regulates the use of these for international payments.
According to the Skolkovo Fintech Hub, a state-run fintech entity, Russian miners produced between $620 and $740 million worth of cryptocurrencies in 2022.
What do you think about the possible definitions regarding the cryptocurrency mining industry in Russia? Tell us in the comments section below.
