Russia’s Economy Ministry Calls for Introducing ‘Acceptable’ Electricity Rate...
The Ministry of Economic Development of Russia has suggested that crypto mining should be allowed in energy-rich regions and miners provided with access to inexpensive electricity. The department has joined calls to legalize the industry and utilize Russia’s strengths as a mining destination. Crypto Miners Should Have Access to Cheaper Power, Economy Ministry Says Amid ongoing discussions on the future of cryptocurrencies in Russia, the country’s Ministry of Economic Development has proposed permitting the minting of digital currencies in regions with a surplus of....
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The proposal aims to recognize crypto mining as a commercial activity and introduce taxes on its realized profits. Amid the Russian government continuing working out a regulatory regime for digital assets, a federal ministry has made another proposal regarding the crypto mining industry.Russia’s Ministry of Economic Development has greenlighted the concept of crypto mining regulation in the country, proposing to allow mining operations in areas with “sustainable surplus in electricity generation,” local news agency Izvestia reported Tuesday.As part of the proposal, the ministry suggested....
The Russian Ministry of Finance is ready to back the legalization of transactions with stablecoins in Russia, according to a high-ranking representative. While the ministry recognizes that cryptocurrencies could lay the ground for a new financial system, the department is unsure if it will be better than the current one. Russia’s Minfin Open to Legalizing Stablecoins if Business Needs It The Ministry of Finance of the Russian Federation (Minfin) generally supports authorizing the circulation of stablecoins in the country, according to Ivan Chebeskov, director of the....
The draft bill comes after the government gave the green light to Bitcoin regulation, disregarding the Bank of Russia’s concerns.
While the ongoing war in Ukraine continues, the Ministry of Economic Development of the Russian Federation detailed this week that Russia’s economic hardships are less severe than expected. Russia’s economic ministry says that the economy’s gross domestic product (GDP) is estimated to drop by 4.2% this year and Russia’s inflation won’t be as elevated as economists once predicted. At the same time, inflation in the U.K. topped 10% and the European Union’s inflation rate is expected to be just as high. Russian president Vladimir Putin blames the....
An official from Russia’s Ministry of Finance has indicated the financial regulator now supports changes to a proposed law that would still ban bitcoin domestically but carve out provisions for its use as a foreign currency. In a new interview with state-owned newspaper Rossiyskaya Gazeta, deputy finance minister Alexei Moiseev said the change in tone is part of a broader effort to limit the use of alternatives to the ruble domestically, while removing uncertainty for those working with blockchain, its underlying distributed ledger technology. The announcement represents a significant....