Russian Ministry Proposes ‘Crypto Ban’ – But Miners & Stablecoin Issuers May Be Safe The Russian finance ministry has reportedly proposed banning
the circulation of crypto in the nation, but wants to make exceptions
for stablecoin issuers and crypto miners. Per Frank Media, sources “familiar with the matter” told the news agency
Interfax that the proposals could be bundled with the much-delayed crypto mining legalization bill,
and have already been drafted.
The ministry
wants to press ahead with legislation that would officially allow industrial miners
to operate in the country. Russia’s crypto mining sector is already highly advanced, due mainly to the nation’s rich energy resources
and cold winter climate.
But mining is not currently recognized
as a legal form of business, nor can it be taxed accordingly. And it hopes
the mining bill will be passed by the State Duma soon. But it has been hampered
by the crypto-skeptic Central Bank.
The bank wants to blanket-ban
“private” cryptoassets like Bitcoin (BTC). In recent months, the bank has suggested
it is ready to compromise on some aspects of its stance. And it has reluctantly given the go-ahead to trade firms
who use crypto to evade sanctions.
