The Deputy Energy Minister of Russia Has Urged Cryptocurrency Mining Be Legalize (According to a PR on Mar 26th)

As the conflict in Ukraine rages on, the idea of Russia, which is rich in energy, potentially employing Bitcoin mining to mitigate the effects of ever-tougher sanctions persists. According to TASS, Russia’s Deputy Energy Minister Evgeny Grabchak announced on March 26 that the legal vacuum in crypto mining must be filled.

Grabchak emphasized that deciding mining locations and freeing up energy resources for miners at the regional level would be more effective than at the federal level and that this should be governed by regional development plans. The Deputy Energy Minister also stated that the legal void in cryptocurrency mining must be filled “as soon as possible.”

“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, add the concept of mining to the regulatory framework,

Grabchak stated.

Last week, Russian State Duma member and Energy Committee chairman Pavel Zavalny proposed Bitcoin and national currencies as payment options for energy exports to “friendly nations.” In response to President Vladimir Putin’s previous demand that “unfriendly countries” use the ruble for such transactions, Zavalny proposed gold and Russia’s currency, the ruble, as payment options for the country’s energy supplies, which the EU declined.

Despite the fact that Ukraine has legalized the cryptocurrency market and received financial assistance in digital assets, some industry observers are concerned that Russia will use cryptocurrency to avoid financial and economic sanctions. After calling for a cryptocurrency ban prior to the invasion of Ukraine, Russia’s central bank has now granted Sberbank, the country’s largest bank, a license to deal in digital assets.

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