Despite the early ban on cryptocurrency mining, the Bank of Russia agreed with the legalization of the mining of digital assets, provided that they are sold outside the territory of the Russian Federation.
The head of the Department of Financial Technologies of the Central Bank of the Russian Federation, Kirill Pronin, during a discussion at the St. Petersburg International Legal Forum, said that the Central Bank approves the creation of a regulatory framework for the production of cryptocurrencies.
“Mining is not the subject and area of responsibility of the Bank of Russia, however, mining is one of the ways to acquire cryptocurrency as a fee, a reward for the variation, transaction that is performed during mining. In this regard, the legalization of mining can be discussed, but here it is necessary to specify a number of conditions that, in our opinion, must be met in this regard,” Pronin said.
He believes that digital assets that will be mined by miners should be sold for fiat money and only abroad.
“By and large, we are talking about the fact that there should be an export of these mining services, and the business of miners should not lead to the accumulation of cryptocurrency within the country, so as not to create motivation for its subsequent use in settlements within the country,” the chairman added. Department of Financial Technologies of the Central Bank of the Russian Federation.
In turn, the head of the financial policy department of the Ministry of Finance, Ivan Chebeskov, noted that a number of Russian mining companies are being prevented from withdrawing money abroad.
“Maybe we need some kind of infrastructure to have here? Some kind of exchanger to accumulate liquidity and somehow send this liquidity there. Or they have to mine here, and how you want, and withdraw it to fiat abroad. How can they work?” asks Chebeskov.
In response, Pronin said that miners can accumulate the received cryptocurrency on their wallets, which are opened in public blockchains and hardly anyone can block them, and sell it from there.
Although most regulators agreed with the legalization of mining in Russia, they are not going to give any indulgences. The new bill does not provide for an amnesty that exempts miners from customs clearance of equipment and paying taxes.
Source: Bits
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