Evgeny Grabchak, the Russian deputy minister of energy, has proposed introducing clear regulations on crypto mining and clearing out the vacuum around it within the country. This statement by the deputy minister can be considered a supportive statement for the crypto industry as it has been observed that country’s officials are supporting the crypto movement.
While speaking at the first national conference of legal crypto miners held on Saturday in Irkutsk, the minister wants to introduce a crypto mining regulatory framework for the industry as soon as possible. According to him, the unavailability of a proper legal framework makes things difficult for people to further initiate the development of the industry.
The legal emptiness, as stated by Grabchak, is restricting the development of the industry, and it must be eliminated to get along with the current reality as soon as possible. The Russian government needs to introduce a legal framework and add the concept of mining in the same.
The deputy energy chief further stated that it would be plausible for the regional authorities and not the federal government to set the bar for setting the energy and mining quotas. The legal framework should authorize the regional authorities to set the bar so that the region’s overall development can be synchronized with plans of the crypto industry of that particular region.
On March 21 this year, the Vice-Premier of Russia, Aleksandr Novak, said that legalizing crypto mining would be a reasonable thing to do for them. Grabchak’s speech suggests that the current mining operations in Russia are currently included in the state’s prospective plans. The minister has also shared his skepticism regarding the ability of the market to allocate and the quantity of the mining operators.
After the sudden attack of the Central Bank of Russia (CBR) for an outright ban on trading and mining of cryptocurrencies back in January 2022, the ministers and other government officials are showing their support for the crypto industry.
A working group of people within the lower chamber of parliament or Duma has declared that to lower the risks involved with the adoption of cryptocurrency in Russia, the right and most effective approach would be to announce a list of clear rules and terms for the entire digital asset industry.