Nabiullina announced the discussion with the government of the issue of mining

Nabiullina announced the discussion with the government of the issue of mining

Nabiullina announced the discussion with the government of the issue of mining

The Bank of Russia, together with the government, is discussing the issue of mining cryptocurrencies. About it stated Head of the Central Bank Elvira Nabiullina.

She noted that it is necessary to make a “systemic decision” on mining – if it is approved, “no limits, a sandbox will not be needed.”

The head of the regulator stressed that mining is not within the direct competence of the central bank, but the Central Bank expresses their concerns:

“If mining takes place, but cryptocurrencies go to foreign exchanges, this is one thing, but another thing is if the “mined” begins to be used as a means of payment within Russia. In fact, it will be a money surrogate. And so we express these concerns in order not to undermine the circulation of money.”

Recall that the Central Bank is a consistent opponent of cryptocurrencies and suggested introducing a complete ban on their release, circulation and exchangeas well as the organization of similar operations on the territory of the Russian Federation.

The government wants to regulate the market and for this purpose they have prepared a bill “About digital currency”. It involves conducting operations with crypto-currencies through Russian banks, identifying holders of crypto-wallets and dividing investors by qualifications.

The document spelled out the definition of mining and the basic mechanisms for its regulation. Recently the Ministry of Finance clarified terminology related to cryptocurrency mining in the bill.

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