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Tuesday, September 19, 2023

Russian Central Bank Has A Single Demand Before Allowing Crypto Mining

Kirill Pronin, the current head of the Russian Central Bank’s department of financial technologies, recently opened up about the possibilities of legalizing crypto mining in the country under conditions.

Interestingly, such a public acknowledgment is definitely quite rare, with the CBR constantly leading the battle against the multiple efforts of legalizing crypto in the country. The executive went on to express their views on crypto mining at the Saint Petersburg International Legal Forum on the 29th of June, Wednesday. During this session, Pronin also revealed that the CBR didn’t take such a stringent approach towards mining that it usually took against general crypto legalization. 

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Russian Central Bank Looking Out For Crypto Mining

However, the head of the Russian Central Bank did name a few conditions- conditions that would make this discussion possible. He insisted that the mined assets should immediately be sold abroad in exchange for fiat money. He stated that at the end of the day, they had to state that there should be an immediate export of these mining services, and the mining business, under no circumstances, should accumulate cryptocurrency in the country.

This would prevent any form of motivation for increasing the usage of internal payments. Wit the constant tussle the CBR has with the Ministry of Finance, it goes without saying that the head of the department of financial policy at the Ministry of Finance, Ivan Chebeskov, vocally disagreed with Pronin. 

To this, the head of the Russian Central Bank’s department of financial technologies responded that there were absolutely no problems with accumulating all the mined wealth on the public blockchains and then selling it all with their help.

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