Russia to legalize Crypto Mining Soon

[Vaskiy]

Russian Deputy Minister of Energy Evgeny Grabchak revealed statement about introducing clear regulations for crypto mining in the country. His statement served as a support for the cryptomarket and the miners within the country, because back in January cryptocurrency mining was banned in Russia.

During the first national conference of legal crypto miners  Grabchak called for introducing a regulatory framework for the sector at the earliest. In his statement he added

"The legal vacuum makes it difficult to regulate this area and set clear rules of the game. This legal vacuum needs to be eliminated as soon as possible. If we want somehow to get along with this activity, and we have no other options in the current reality, we must introduce legal regulation, adding the concept of mining to the regulatory framework".

Russian government to legalize mining soon

[Poker Player]

Russian Deputy Minister of Energy Evgeny Grabchak revealed statement about introducing clear regulations for crypto mining in the country. His statement served as a support for the cryptomarket and the miners within the country, because back in January cryptocurrency mining was banned in Russia.

I suppose people living in Russia will take advantage of this to mine, but I doubt this will attract foreign capital, at least significantly. It is no longer because of the war or Putin, it is because of the perceived insecurity of having gone back and forth on this issue: now I am going to ban it, now I am going to legalize it, tomorrow I will ban it again, and so on.

That said, I hope it will finally be carried out.

[kotajikikox]

Russian Deputy Minister of Energy Evgeny Grabchak revealed statement about introducing clear regulations for crypto mining in the country. His statement served as a support for the cryptomarket and the miners within the country, because back in January cryptocurrency mining was banned in Russia.

During the first national conference of legal crypto miners  Grabchak called for introducing a regulatory framework for the sector at the earliest. In his statement he added

"The legal vacuum makes it difficult to regulate this area and set clear rules of the game. This legal vacuum needs to be eliminated as soon as possible. If we want somehow to get along with this activity, and we have no other options in the current reality, we must introduce legal regulation, adding the concept of mining to the regulatory framework".

Russian government to legalize mining soon

Looking at the scenario ? is it Russia and Ukraine are competing in adopting crypto specially Bitcoin ? after China banning mining industries for crypto now Russia will adopt and open their doors to miners?
nice strategy for both country and they seems to be conniving on how they will have power inside crypto as this is one of the largest profit provider nowadays.

[qwertyup23]

Russian Deputy Minister of Energy Evgeny Grabchak revealed statement about introducing clear regulations for crypto mining in the country. His statement served as a support for the cryptomarket and the miners within the country, because back in January cryptocurrency mining was banned in Russia.

I suppose people living in Russia will take advantage of this to mine, but I doubt this will attract foreign capital, at least significantly. It is no longer because of the war or Putin, it is because of the perceived insecurity of having gone back and forth on this issue: now I am going to ban it, now I am going to legalize it, tomorrow I will ban it again, and so on.

That said, I hope it will finally be carried out.

I wholly agree with you.

While this may seem like a band-aid solution in order to further enhance their economic situation, their finances is still continuously collapsing due to the pull-outs of all western associated businesses in their country, following the necessary sanctions given. Again, miners in Russia should take advantage of this situation as their government seems to struggle and exhaust all the possible remedies to combat financial shortages on their part.

In the perspective of cryptocurrencies, I hope that this would bring a positive effect in general. By legalizing mining, this may somehow affect the price of BTC in which would be beneficial in the long run.

[avikz]

I feel pity about Russian government. Russia was always negative about cryptocurrency and its legislation. Now when they are getting cut off from the world due to various international bans and sanctions, they are finding cryptocurrency can save them from such situations.

This is nonsense! Russia is learning the hard way that cryptos can indeed help their economy in case of an isolation. I hope this incident will put some sense on other governments who are opposing the inclusion of cryptocurrency in their economy.

[cabron]

Russian Deputy Minister of Energy Evgeny Grabchak revealed statement about introducing clear regulations for crypto mining in the country. His statement served as a support for the cryptomarket and the miners within the country, because back in January cryptocurrency mining was banned in Russia.

During the first national conference of legal crypto miners  Grabchak called for introducing a regulatory framework for the sector at the earliest. In his statement he added

"The legal vacuum makes it difficult to regulate this area and set clear rules of the game. This legal vacuum needs to be eliminated as soon as possible. If we want somehow to get along with this activity, and we have no other options in the current reality, we must introduce legal regulation, adding the concept of mining to the regulatory framework".

Russian government to legalize mining soon

Looking at the scenario ? is it Russia and Ukraine are competing in adopting crypto specially Bitcoin ? after China banning mining industries for crypto now Russia will adopt and open their doors to miners?
nice strategy for both country and they seems to be conniving on how they will have power inside crypto as this is one of the largest profit provider nowadays.

They could have made a deal actually and stopped this war, both countries could just make money as they both can offer something on thier tables to have a good deal and start mining BTC and adopting cryptocurrency. But of course, Zelenskyy can't do that, he needs s whisper from someone else before deciding.

Mining BTC in Russia is definitely the best idea to do. They have the gas to power thier mining farms forever and they have China to provide them with their Asics. Russia is a cold country making it perfect. If they can't sell some of their overflowing gas, turn the gas into BTC. Problem solved.

[Fundamentals Of]

I was confused with the title that Russia is set to legalize cryptocurrency mining soon and yet the remarks by Evgeny Grabchak, the Russian Deputy Minister of Energy, was made during the first national conference of legal crypto miners in Irkutsk in Russia itself. So is cryptocurrency mining illegal in Russia at this point? If it is illegal, why are there legal crypto miners? If it is legal, why the call for the legalization of crypto mining? And this is not the only time I have heard of crypto mining in Russia.

[NotATether]

I was confused with the title that Russia is set to legalize cryptocurrency mining soon and yet the remarks by Evgeny Grabchak, the Russian Deputy Minister of Energy, was made during the first national conference of legal crypto miners in Irkutsk in Russia itself. So is cryptocurrency mining illegal in Russia at this point? If it is illegal, why are there legal crypto miners? If it is legal, why the call for the legalization of crypto mining? And this is not the only time I have heard of crypto mining in Russia.

Any regulatory framework that would be introduced in Russia wouldn't be coming from the mining community (obviously) but from Russia. It is likely the result of their own government being unable to agree on common terms about mining with itself, rather than any particular after-effect of crypto mining.

[pooya87]

because back in January cryptocurrency mining was banned in Russia.

Did they really ban in back in January?
Because to be honest I faintly remember reading about this supposed ban but it was never an actual ban but someone (similar to this news) was saying that mining cryptocurrencies should be banned and the news sites ran with it as if it were law.

If it is illegal, why are there legal crypto miners? If it is legal, why the call for the legalization of crypto mining? And this is not the only time I have heard of crypto mining in Russia.

It is not about legalizing but more about regulating and mining doesn't have to be illegal to be regulated.

[davis196]

I still don't know whether or not crypto mining in Russia is illegal.Perhaps crypto mining is in the grayhat area.
Russia is in the Top 3 countries,when it comes to crypto mining and hashpower.With that being said,I don't believe that so many cryptocurrency miners keep running their business outside the law in Russia.
By the way,Kazakhstan is a country that's been very politically dependent on Russia and crypto mining is being under attack there.Maybe Kazakhstan will follow Russia's example and legalize crypto mining as well(or at least impose more liberal regulations upon the crypto miners).
I don't trust the Russian government and I think that news coming from Russia should be taken with a grain of salt.

[Kakmakr]

A few months ago the different houses and Ministers of the Russian government had opposing views on the legality of Bitcoin and Crypto currencies, but now that Bitcoin and Crypto currencies has benefited them, by enabling them to bypass sanctions... they suddenly agree that Crypto currencies should be legalized.  

It just shows you how governments shape their opinions on something, if they can profit or benefit from it.... and not if it is beneficial to their citizens.  

[Crypto Library]

A few months ago the different houses and Ministers of the Russian government had opposing views on the legality of Bitcoin and Crypto currencies, but now that Bitcoin and Crypto currencies has benefited them, by enabling them to bypass sanctions... they suddenly agree that Crypto currencies should be legalized.  

It just shows you how governments shape their opinions on something, if they can profit or benefit from it.... and not if it is beneficial to their citizens.  

You have told  the words of my mind. After getting sanction from different countries Now they  legalized to get some benefit from cryptocurrency .You will see again that  cryptocurrency will be banned again for their benefit

[cryptoaddictchie]

This is nonsense! Russia is learning the hard way that cryptos can indeed help their economy in case of an isolation. I hope this incident will put some sense on other governments who are opposing the inclusion of cryptocurrency in their economy.

They only realize it when they experience the lack of financial system to be use at this time. Probably they will definitely reflect on their wrong doings now. Other countries would likely follow suit this as being sanctions isnt that simple and the way to handle financial better is use decentralized approach of bitcoin. Now other countries might oppose this now that they see that Russia gonna resort to use crypto for their financial system.

[rat03gopoh]

A few months ago the different houses and Ministers of the Russian government had opposing views on the legality of Bitcoin and Crypto currencies, but now that Bitcoin and Crypto currencies has benefited them, by enabling them to bypass sanctions... they suddenly agree that Crypto currencies should be legalized.

But because for now Russia already has a lot of enemies, the new legality is likely to be long term. Russia has really benefited from bitcoin in these global sanctions. After all, due to the boycott of global oil exports, bitcoin mining would probably become their lucrative oil "trade" allocation temporarily if they set up their own mining farms like Elsalvador.

[pooya87]

Russia is in the Top 3 countries,when it comes to crypto mining and hashpower.

Do you mind sharing the proof for this statement of yours? It sounds to me like the silly statements people make about US having the biggest hashrate because Chinese miners moved there lol.

Now other countries might oppose this now that they see that Russia gonna resort to use crypto for their financial system.

Not at all. Russia is using Ruble and is forcing everyone else (like Europeans that depends on Russia) to use their currency for their trades.
As I said before, with the evidence we have so far, the usage of bitcoin is not going to be significant in Russian economy. We have to wait and see what the future holds though. Bitcoin usage will continue to grow but I doubt that in near future we see it be the dominating currency for import/export .

[Lucius]

Even if this is true, will it change anything for the better for the common man in that country, or will only those who are already rich benefit? In addition, let’s not forget that one should not believe most of the news from that country, because it is obvious that that country has become a factory of fake news when it comes to cryptocurrencies.

If one thinks that crypto mining would bring some financial benefits to Russia, one should know that for such a large country it is actually dust - it's like when some thought the Chinese economy would collapse because they banned crypto mining - complete nonsense. Data for 2021 say that the total earnings of Bitcoin miners are something around $15 billion, and even if half of that becomes Russian profit, in the overall picture it is insignificant.

The report finds that on a year-to-date basis, Bitcoin miners have generated a total of $15.3 billion in revenue, making 2021 a record year in terms of Bitcoin mining. This spike in Bitcoin mining also contributed to the skyrocketing price of Bitcoin in 2021.

[DanWalker]

Russian Deputy Minister of Energy Evgeny Grabchak revealed statement about introducing clear regulations for crypto mining in the country. His statement served as a support for the cryptomarket and the miners within the country, because back in January cryptocurrency mining was banned in Russia.

I suppose people living in Russia will take advantage of this to mine, but I doubt this will attract foreign capital, at least significantly. It is no longer because of the war or Putin, it is because of the perceived insecurity of having gone back and forth on this issue: now I am going to ban it, now I am going to legalize it, tomorrow I will ban it again, and so on.

That said, I hope it will finally be carried out.

Your doubts are very reasonable, before the war they banned bitcoin. Perhaps their acceptance of crypto is partly due to the impact of the war on their country. If the war ends and everything goes back to normal, I don't know if they will continue to ban it or if there will be a regulatory framework for crypto.
This will make foreign investors nervous and it will be difficult to attract foreign investors with Russia's sudden decisions.

[suzanne5223]

Even if this is true, will it change anything for the better for the common man in that country, or will only those who are already rich benefit? In addition, let’s not forget that one should not believe most of the news from that country, because it is obvious that that country has become a factory of fake news when it comes to cryptocurrencies.

Well said. I believe most crypto investors are happy about this news because it will help the price of the market and also give Bitcoin more reputation but they never give it a thought if the decision will help common people living in the country and how true is the news because the current invasion that happened between the country in the subject make me know how fake news is shared from them and this make it hard for me to know what's really going on there.

In the meantime, we will know what really happen there soon.

[Obito]

A few months ago the different houses and Ministers of the Russian government had opposing views on the legality of Bitcoin and Crypto currencies, but now that Bitcoin and Crypto currencies has benefited them, by enabling them to bypass sanctions... they suddenly agree that Crypto currencies should be legalized. 

It just shows you how governments shape their opinions on something, if they can profit or benefit from it.... and not if it is beneficial to their citizens. 

They need the money and we all know how hypocritical any government is, and it's not surprising that there's changes in their stance against bitcoin and crypto mining because I am pretty sure that if there's no war, they wouldn't be so desperate trying to get into crypto knowing that majority of the people in the offices opposes it. I don't know how they would be able to make their fiat dependent economy work with those bitcoins.

[tbct_mt2]

Russia is just one of many nations in the world map of Bitcoin mining. The nation does not contribute dominant hashrate like China had before the China crackdown on mining.

Russia might use their fuel to mine Bitcoin and take it as their national reserve to gradually replace gold. The sanction globally put their reserves in USD, gold at risk and freeze but who can freeze their Bitcoin. So it would be not a bad option for them.