The Russian news agency RBC.ru has recently reported Prime Minister Mikhail Mishustin announced at a meeting with members of the Liberal Democratic Party in the State Duma on March 25. The conference, primarily focusing on Russia’s efforts to rebuild its economy after sanctions imposed owing to its invasion of Ukraine, also brought in the topic of cryptocurrency.
According to a transcript obtained by CoinCulture, the prime minister called for the integration of digital currencies into Russia’s economy, noting that concerns related to cryptocurrency legislation can be resolved with the assistance of the Russian central bank. Mishustin stated that the crypto-related issues could be handled only in collaboration with the Central Bank to examine the threats that cryptocurrencies pose to the country’s money circulation.
Additionally, the Minister indicated that further steps should be taken to govern cryptocurrency mining in the nation. Specifically, the regulation of crypto mining, the circulation of digital financial assets, and the growth of online commerce are among other exciting initiatives. He said before commending the Ministry of Finance for the attention paid to the crypto mining sector after the government authorised the idea some weeks ago.
Despite Russia’s central bank’s hardline stance on crypto mining, Putin expressed support for a plan to tax and control crypto mining, rejecting the central bank’s proposal to entirely outlaw crypto assets.
According to Bloomberg, at a meeting with government officials, Putin said that the country has certain competitive advantages, particularly in the so-called crypto mining, including the excess of electricity and well-qualified personnel.
In terms of global hash rate, Russia ranks third after Kazakhstan and the United States but has a lot of surplus power in some of its states, notably Karelia, Krasnoyarsk, and Irkutsk.
The Bank of Russia, which is actively supporting a prohibition on banks and other financial market participants issuing private digital currencies, has also been tasked with surveying cryptocurrency operations in the country, identifying crypto wallet holders, and differentiating qualified and unqualified crypto wallet investors.
