War and legalization of cryptocurrency mining in Russia

in hive-175254 •  2 months ago 

Hello dear readers and followers, let this post serve to socialize some approaches to the Russian government's stance on the certain possibility of legalizing cryptocurrency mining in Russia in the midst of the war scenario against Ukraine and the imputation of economic and financial sanctions by Western states.

It is to be reported that in Russia several organizations are pursuing the goal of legalizing cryptocurrency mining activity, an element that has been well regarded by the central bank as long as they are used for international transactions.

Now beyond, of nothing clear scenario the central bank and the government work to simplify the purchase of commodities and other goods with cross-border cryptocurrency transactions, hence, the Ministry of Finance is focused on looking for options for the legalization of cryptocurrency mining activities on Russian soil.

In doing so, the authority aims to counteract the negative trend in this economic sector. In 2021, Russian miners were still contributing 11% to the global BTC hash rate, according to data from the Cambridge Bitcoin Power Consumption Index. However, it is now only 4.6%, which may also be due to the lack of legal certainty.

Chairman of the State Duma Financial Markets Committee Anatoly Aksakov intends to introduce a bill that would allow mining in regions with a lot of hydropower and nuclear energy. According to RBC, in addition to Irkutsk and Krasnoyarsk, Saratov, Tver and Leningrad are also candidates.

SOURCES CONSULTED

Rbc.ru. UAE Ministry of Economy opened an office in the metacommuniverse. Link

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Greetings @lupafilotaxia 😊💕

It is to be reported that in Russia several organizations are pursuing the goal of legalizing cryptocurrency mining activity, an element that has been well regarded by the central bank as long as they are used for international transactions.

This is really what we've been waiting for and I definitely hope we have other countries legalising cryptos as a means of payment or legal tender.

Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead 😊💕

Hi @hardaeborla

It will certainly be interesting to see countries legalizing cryptocurrencies as a means of payment or legal tender.

Best regards, be well.

Hi friend Luis, good news in the middle of so many bad news, this can help to boost again the crypto economy as well as that of many people, taking a step forward in legalizing mining in a country as representative in the area as Russia is, can really instill a new direction in the crypto market.

Hi @chucho27

No doubt this is a great and very good news, and I think the same this way really can instill a new direction in the cryptomarket.

Best regards, be well.

It is to be reported that in Russia several organizations are pursuing the goal of legalizing cryptocurrency mining activity

If it happens then its good for global crypto community and even many mining companies may move to Russia. Mining is a bigger business and a positive environment can give it a boost.

Hi @alokkumar121

I think so too, mining is a big business and can give a boost to Russian economy.

Best regards, be well.

greetings @lupafilotaxia
the advances in cryptographic matters in the country place it in other perspective towards the future and with a country ahead of the other nations, without doubt that regulating the processes is determinmínate for its expansion.

Hi
The war has put tremendous pressure on all sides involved and thus every possible step to increase revenue is being taken,
How I wish the money got used to establish peace and redevelopment of what got destroyed.
Though the lost lives cannot be compensated for.