Russia plans to regulate cryptocurrency mining despite rising energy consumption in the country.
Feeds today on the chat platform United RussiaRussia’s Deputy Minister of Industry and Trade has revealed the steps the country is taking to regulate cryptocurrency mining. He talked about the development of blockchain technology and the regulation of digital financial assets.
Mining: an energy activity.
Although mining activity is in the gray zone, the extraction of crypto would consume more of them% of Russia’s total electricity. This is a consumption that gives way to the energy appropriation of total consumption for agriculture. Incidentally, negotiations to legalize cryptocurrency mining in Russia began after a proposal to ban all cryptocurrency activity in the country a This is published in a report by the country’s central bank.
Russian Prime Minister, Michael Mishustin, to reveal that the government and the Central Bank agree on banning cryptocurrency as legal tender. This despite mining activity being discussed.
According Chpak, cryptocurrencies are currently in a gray area. Also, their high power consumption makes them worthy of being considered as an industrial activity. according to him, “The mining industry is recognized, regulated and integrated into industrial activity”.
Bonus: Anchor protocol vulnerability allows a user to easily access $800,000.
Cancellation of the amnesty promise for minors from crypto
A draft law “On mining in the Russian Federation” was submitted to the State Duma in April. In general, the text of the bill has not changed. However, some paragraphs were found to be missing. The bill requires all users of crypto and the country’s miners register. In addition, it is registered entities that can obtain the ministries. An amnesty program has been put in place to allow registered minors to clear customs.
Less than a month later, the crypto-mining bill was redone. The new bill saw several missing key points in the first draft. According to the document, the paragraphs on the establishment of a mining register for registered users and the promise of amnesty for registered users. Furthermore, the“Lack of mining registration” means that there are standard procedures for business registration. The promise of amnesty to this abandoned, because it could “eventually cost the federal budget”.
Read also: This is the success point of a “graduated approach” for the issuance of a CBDC in 2022-23.
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