Russian Mining Industry Sees Surge in Interest as Regulations Tighten

Interest in cryptocurrency mining is booming in Russia, according to Sergey Bezdelyov, Director of the Industrial Mining Association of Russia. Bezdelyov attributes this growth to the recent law restricting the circulation of cryptocurrencies, which has sparked a surge in those wanting to mine digital assets. He also hinted at the imminent launch of a national cryptocurrency exchange.

Bezdelyov believes the new law has firmly integrated the mining industry into the Russian economy, stating, “An industry that was de facto is now also de jure. It’s a vast sector with fascinating aspects, including artificial intelligence, data storage, and derivatives of cryptocurrency mining. Moreover, cryptocurrencies are now playing a role in foreign economic activities, such as export-import settlements,” according to Bits.media.

The creation of a state-controlled crypto exchange is seen by Bezdelyov as a logical step in the development of Russia’s cryptocurrency market. He expects the number of miners to continue growing, with potential state-private partnerships emerging, possibly involving major corporations or public companies.

According to the draft law on cryptocurrency circulation and mining, only legal entities and individual entrepreneurs registered in a special state registry will be permitted to engage in digital asset mining. Previously, Nikita Zuborev, Senior Analyst at Bestchange.ru, suggested in an interview with RBC that the government might launch a quasi-state cryptocurrency exchange, with shareholders potentially including the Ministry of Finance, the Bank of Russia, or their affiliated entities.