© Reuters.
Investing.com – In Russia, several organizations are pursuing the goal of legalizing cryptocurrencies. The central bank supports this project as long as it prevents , et al from being used for domestic transactions.
As the central bank and the government strive to simplify transactions for buying commodities and other goods through cross-border crypto transactions, the Ministry of Finance is focusing on legalizing mining activities.
The authority thus wishes to counter the negative trend in this economic sector. In 2021, Russian miners still contributed 11 percent to the global BTC hash rate, as data from the Cambridge Bitcoin Electricity Consumption Index shows. In the meantime, however, this figure is only 4.6 percent, which is perhaps also due to the lack of legal certainty.
Chairman of the State Duma’s Financial Markets Committee Anatoly Aksakow intends to introduce a bill that would allow mining in regions with plenty of hydro and nuclear power. According to RBC, in addition to Irkutsk and Krasnoyarsk, Saratov, Tver and Leningrad also come into play.
By Marco Oehrl