Published: 28.03.2022
Article reading time:
2 minutes.
The Ministry of Energy of the Russian Federation called on the country’s authorities to speed up the legalization and regulation of cryptocurrency mining.
According to the TASS agency, the corresponding statement was made by the Deputy Minister of Energy of the Russian Federation Evgeny Grabchak at the first All-Russian conference of legal miners. The conference was held in Irkutsk on Saturday, March 26.
“The legal vacuum complicates the legal regulation of this sphere and the establishment of transparent rules of the game. And this legal vacuum needs to be eliminated as soon as possible. If we want to somehow get along with this activity, and we have no other options in the current reality, legal regulation, fixing the concept of mining in the regulatory framework must be implemented,” Grabchak emphasized.
According to the official, it is necessary to think through the legislation in such a way that the regions can independently determine the location of mining equipment and electricity quotas for mining companies. This will make the process more efficient and fit it into the development plan of the region.
“This activity should be regulated from the point of view of sites or quotas for free capacities by territory. Probably, this should be done not at the federal level, but at the regional level. Probably, it needs to be synchronized with plans for the development of regions and plans for the development of other industries. And, probably, it should be correlated with the plans for the development of the energy system,” the Deputy Minister of Energy believes.
At the same time, Grabchak stressed that one should not hope that the market itself will “regulate” the industry. Even if mining companies begin to consume a significant amount of electricity, which will cause an increase in tariffs, it is unlikely that they will stop mining cryptocurrencies. Therefore, it is necessary to regulate the industry precisely by law.
Earlier, Russian Prime Minister Mikhail Mishustin said that in the concept of regulation of cryptocurrencies in the Russian Federation, special attention was paid to the regulation of the mining industry.
Source: Bits
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