Support received from Russian Finance Ministry over Bitcoin Mining

Although Russia is still working on new regulations for the country’s cryptocurrency and digital asset industry, the Russian Ministry of Finance has bestowed great support to the Bitcoin (BTC) mining companies in Russia. Alexey Yakovlev, the director of the Finance Ministry’s financial policy department, urged the government to invigorate the development of industry-level crypto coin mining in the country. 

Yakovlev further states that there is no point in banning individual or household Bitcoin mining. At a recent round table discussion on “Mining regulation in Russia: For and against,” the Russian lawmakers have talked about two types of crypto coin miners. As per Yakovlev, the government has reached an agreement that supports the company’s works and needs them to pay taxes.

But according to Yakovlev, there is still disagreement among the officials regarding the authorization of cryptocurrency mining to the retail miners, although the finance ministry cannot necessarily prohibit individuals from mining cryptocurrency. Yakovlev believes that it is important to encourage industrial mining and its development but banning household mining does not make any sense. 

The lawmakers of Russia are still working on the regulation of cryptocurrency in Russia, keeping in mind the potential risks like terrorism financing and money laundering while planning to maximize the economic development of the country, not to mention that energy efficiency is also of great concern.

In case the Russian government starts a crackdown on cryptocurrency, a lot of mining companies won’t face any complexities while running their operations. According to the chief executive officer of BitRiver, the country’s largest crypto coin mining colocation service provider, the company is very unlikely to be affected by such steps. 

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