Russia started to pay in crypto. How this will affect mining

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Ultramining.com

13:19 Oct 05, 2022

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Russia started to pay in crypto. How this will affect mining

The Russian Federation has not yet developed legal acts that allow to legally engage in mining and freely perform transactions in crypto. Nevertheless, cross-border settlements are increasingly being carried out in virtual coins. This fact concerns Russian organizations. Unfortunately, it is not specified which ones yet.

The head of the Financial Policy Department of the Ministry of Finance of Russia, Ivan Chebeskov, emphasized when talking with a journalist from the local media: these settlement operations imply a limited volume.

While there is no official permission for the free use of crypto in Russia.

Virtual currency is aimed at buying and selling certain products from certain suppliers. We are talking about settlement actions with representatives of countries that Russia has listed as "unfriendly" states. According to Wikipedia, it includes 49 items.

According to Vladimir Gamza, head of the Council of the Chamber of Commerce and Industry of the Russian Federation on industrial-financial and investment policy, this situation is related to the sanctions against Russia.

The insider did not specify the organizations involved in such transactions.

Will more virtual coin miners appear in Russia, amid their sudden relevance? It is not clear yet, as everything is not simple with the bill that would regulate mining in the Russian Federation. We wrote about the fact that a committee of the State Duma of the Federal Assembly of the Russian Federation proposed to reject the bill to regulate crypto mining in the country.

At the same time, the Russian government instructed to develop a plan to regulate crypto. Which should be agreed with the central bank by mid-december of this year.


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