Russian Ministry Proposes ‘Crypto Ban’ – But Miners & Stablecoin Issuers May Be Safe
The Russian finance ministry has reportedly proposed banning the circulation of crypto in the nation, but wants to make exceptions for stablecoin issuers and crypto miners.
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Per Frank Media, sources “familiar with the matter” told the news agency Interfax that the proposals could be bundled with the much-delayed crypto mining legalization bill, and have already been drafted.
The ministry wants to press ahead with legislation that would officially allow industrial miners to operate in the country.
Russia’s crypto mining sector is already highly advanced, due mainly to the nation’s rich energy resources and cold winter climate.
But mining is not currently recognized as a legal form of business, nor can it be taxed accordingly.
The ministry wants to rectify this.
And it hopes the mining bill will be passed by the State Duma soon.
But it has been hampered by the crypto-skeptic Central Bank.
The bank wants to blanket-ban “private” cryptoassets like Bitcoin (BTC).
In recent months, the bank has suggested it is ready to compromise on some aspects of its stance.
And it has reluctantly given the go-ahead to trade firms who use crypto to evade sanctions.
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