The Ministry of Finance opposed the proposed Central Bank of total licensing of mining

Deputy Minister of Finance of the Russian Federation Alexei Moiseev said that the Ministry of Finance does not agree with the position of the Bank of Russia, which advocates total licensing of cryptocurrency mining. He said this at a meeting of the Financial Market Development Council.

“The Central Bank has a new position on what is actually banned mining, which is not carried out within the experimental legal regime. That is, those people who have to do mining, they must do it through authorized organizations. That is, in fact, total licensing. We are against,” said Mr. Moiseev (quoted by TASS).

Head of the State Duma Committee on the Financial Market Anatoly Aksakov expectsthat in Russia the cryptocurrency will be legalized as a financial product in 2023. He clarified that the cryptocurrency cannot be used as a means of payment within the country, but it can be used, among other things, to pay for parallel import deliveries.

The Mining Regulation Bill was introduced to the State Duma on November 17. According to the document, from January 1, 2023, miners will be able to sell the mined digital currency through foreign systems without complying with the law on currency regulation or through a special platform that will be created in Russia as part of an experimental legal regime.

The position of the Central Bank regarding the control of cryptocurrency was much tougher than the position of the Ministry of Finance. Bank of Russia in February suggested prohibit the organization of the issue, the issue itself, the circulation and even the dissemination of information about private cryptocurrencies. In May, against the backdrop of the introduction of numerous anti-Russian sanctions, including those against financial structures and settlement operations, the regulator softened its position regarding the circulation of cryptocurrencies, allowing the use of digital currencies in international settlements.

Read more about how the authorities propose to regulate cryptocurrencies – in the material “Kommersant FM” “Mining tests initiatives”.

Erdni Kagaltynov