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- Russian legislators want to ban retail crypto mining in favor of industrial players.
- The country has been one of the most friendly to the sector, including offering incentives to attract miners from other countries.
Russia intends to ban retail cryptocurrency mining and only permit industrial miners, a prominent politician has revealed.
Anton Tkachev, the Deputy Head of the State Duma’s Committee on Information Policy and ICT, revealed the latest legal developments in a recent interview.
“Everything is leading to the fact that mining is possible, but only for a legal entity,” he stated.
Any individual, under the proposed legal framework, will be barred from mining crypto in Russia, Anton added. The “Industrial Mining” framework lays the foundation for establishing Industrial Mining Russia, an industry regulator that will issue new rules for the entire mining sector.
Russia turns to crypto amid sanctions
Russia has been one of the world’s most crypto-friendly jurisdictions. The Putin administration has pushed for crypto adoption through positive legislation. The Central Bank of the Russian Federation is also working on a digital ruble to keep up with China and other CBDC leaders.
However, the government has remained adamant that crypto for payments is prohibited. But Anton believes this could all change soon.
“…given the intensity that has now appeared, by the end of this year – the first half of next year we will already see such transactions. We will see headlines that one of the state corporations or a state company has conducted the first transaction with an international company using cryptocurrency or the digital ruble.”
Anton also pointed to the growing crypto adoption in the country as a sign that Russians are ready to switch to digital payments. He claimed that last year, Russians opened over 13 million wallets. Sanctions have also played a role.
Since the war with Ukraine started. Russia has become the most sanctioned country ever, with over 14,000 sanctions. Iran is a distant second with just over 4,000 sanctions.
“There is natural growth, including due to sanctions. Our population’s erudition in the field of financial literacy and their financial assets has definitely increased.”
