{"id":5403,"date":"2022-07-04T07:35:15","date_gmt":"2022-07-04T07:35:15","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=5403"},"modified":"2022-07-04T07:35:16","modified_gmt":"2022-07-04T07:35:16","slug":"bank-of-russia-ready-to-legalize-crypto-mining-if-miners-sell-minted-coins-abroad","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5403","title":{"rendered":"Bank of Russia Ready to Legalize Crypto Mining If Miners Sell Minted Coins Abroad"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The Central Bank of Russia would agree to the legalization of cryptocurrency mining, provided the proceeds from the activity are converted to fiat outside of Russia. The regulator\u2019s latest position on the matter comes after it softened its stance on the possible use of cryptocurrencies for payments, even if only internationally. <\/strong><\/p>\n<h2>Central Bank of Russia to Accept Legalization of Cryptocurrency Mining<\/h2>\n<p>The monetary authority in Moscow is now ready to back the legalization of crypto mining under the condition that Russian miners are obliged to sell the coins they obtain in the process outside the country. That\u2019s according to a recent statement by Kirill Pronin, head of Bank of Russia\u2019s Financial Technologies Department.<\/p>\n<p>The central bank has been the hardline voice in the ongoing discussions on the future of cryptocurrencies in Russia, proposing a blanket ban on most related activities earlier this year, including mining. However, facing opposition from other government institutions and having to deal with financial restrictions imposed over the war in Ukraine, its position has started to change.<\/p>\n<p>Governor Elvira Nabiullina indicated last month that crypto payments can be permitted if they don\u2019t \u201cpenetrate\u201d the Russian financial system. At the same time, she insisted that digital currencies like bitcoin should not be traded on Russian platforms because these assets are too volatile and risky for potential investors.<\/p>\n<p>Speaking during the St. Petersburg International Legal Forum this week, Pronin noted that while mining would not fall under the responsibility of the Central Bank of Russia (CBR), it is one of the ways to acquire cryptocurrency, in the form of fees for the validation of crypto transactions performed by miners. \u201cThe legalization of mining can be discussed, but a number of conditions, in our opinion, must be met in this regard,\u201d he was quoted as saying by Interfax.<\/p>\n<p>Ivan Chebeskov, director of the finance ministry\u2019s Financial Policy Department, pointed out that some large crypto mining companies based in the Russian Federation have been also forced to deal with foreign restrictions when withdrawing funds. He suggested that Russia may have to create its own exchange infrastructure to provide liquidity to the industry.<\/p>\n<p>Kirill Pronin reiterated, however, that according to the CBR, the cryptocurrency minted by the miners in Russia should be sold outside its borders and not allowed to accumulate within the country. The point is to avoid creating incentives for its subsequent use in domestic payments.<\/p>\n<p>Besides the new bill \u201cOn Digital Currency,\u201d expected to comprehensively regulate Russia\u2019s crypto space, a dedicated draft law \u201cOn Mining in the Russian Federation\u201d was submitted to the State Duma in April. Members of the lower house of Russian parliament propose to recognize crypto mining as a business activity using Russian information infrastructure and equipment located in the country.<\/p>\n<p>Tags in this story<\/p>\n<p>Bank of Russia, CBR, Central Bank, Coins, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, finance ministry, legalization, Miners, mining, minting, proceeds, Regulation, revenues, Russia, russian<\/p>\n<p><em><strong>Do you expect Russia to legalize cryptocurrency mining this year? Tell us in the comments section below.<\/strong><\/em><\/p>\n<p>Lubomir Tassev <\/p>\n<p class=\"article__body__author__info__about\">\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/bank-of-russia-ready-to-legalize-crypto-mining-if-miners-sell-minted-coins-abroad\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Russia would agree to the legalization of cryptocurrency mining, provided the proceeds from the activity are converted to fiat outside of Russia. The regulator\u2019s latest position on the matter comes after it softened its stance on the possible use of cryptocurrencies for payments, even if only internationally. Central Bank of Russia [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-5403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5403"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5403\/revisions"}],"predecessor-version":[{"id":5405,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5403\/revisions\/5405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5404"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}