Russia’s Deputy Minister of Energy, Evgeny Grabchak, proposed to eliminate the legal vacuum around crypto mining in the country and introduce clear regulation. This statement continues the recent streak of support for the crypto industry among officials.
Speaking at the first national conference of legal crypto miners in Irkutsk on Saturday, Grabchak called for introducing the regulatory framework for the sector as soon as possible:
“The legal vacuum makes it difficult to regulate this area and establish clear rules of the game. This legal loophole must be [eliminado] as soon as possible. If we want to get along with this activity in some way, and we have no other options in the current reality, we must introduce legal regulation, adding the concept of mining to the regulatory framework.”
The deputy minister also suggested that it would be more prudent to let regional authorities, and not their federal counterparts, set mining sites and possible energy quotas. “Perhaps it should be synchronized with the development strategies of the regions and the plans of other sectors of the industry”he added.
Grabchak’s speech puts mining in Russia in the state strategic perspective. He also shared his disbelief in the market’s ability to regulate the number and allocation of mining operators. Earlier, on March 21, Deputy Prime Minister Aleksandr Novak also stated that “it would be reasonable” to legalize mining.
These statements continue the series of support expressed for the cryptocurrency industry after the sudden attack on the Central Bank of Russia (CBR), which called for a complete ban on mining and trading in January.
In March, a working group of the lower house of Parliament called for “clear regulation of the digital asset industry” as the most effective approach to reduce the risks associated with the adoption of cryptocurrencies in the country.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
The Central Bank of Russia goes to war. Is cryptocurrency a friend or a foe?
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.