{"id":79123,"date":"2023-10-31T21:08:49","date_gmt":"2023-11-01T01:08:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russia-wants-to-ban-citizens-from-mining-crypto\/"},"modified":"2023-10-31T21:08:53","modified_gmt":"2023-11-01T01:08:53","slug":"russia-wants-to-ban-citizens-from-mining-crypto","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=79123","title":{"rendered":"Russia Wants to Ban Citizens from Mining Crypto"},"content":{"rendered":"<div>\n<figure id=\"attachment_124515\" aria-describedby=\"caption-attachment-124515\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-124515\" class=\"wp-caption-text\">Source: Deno\/Adobe<\/figcaption><\/figure>\n<p>A senior Russian politician has claimed that lawmakers want to bar private citizens from mining crypto \u2013 but will allow industrial miners to operate.<\/p>\n<p>The comments came from Anton Tkachev, the Deputy Head of the State Duma\u2019s Committee on Information Policy, Information Technologies, and Communications, in an interview with the Parliamentary Gazette.<\/p>\n<p>Tkachev said:\n<\/p>\n<blockquote>\n<p>\u201cEverything is pointing to the fact that mining will be legalized, but only for legal entities [registered businesses.] As such, according to the current thinking of the federal government bodies and the State Duma agree, individuals will not be able to do this.\u201d<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\uddf7\ud83c\uddfa Russia\u2019s FSB Charges Man with \u2018High Treason\u2019 for \u2018Donating Crypto to Ukraine\u2019<\/p>\n<p>The Russian FSB, the nation\u2019s intelligence service, has charged a man suspected of donating crypto to Ukraine\u2019s military with high treason.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoNews<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Ukraine?src=hash&amp;ref_src=twsrc%5Etfw\">#Ukraine<\/a>https:\/\/t.co\/AaSf1cECZT<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1718928293859139660?ref_src=twsrc%5Etfw\">October 30, 2023<\/a><\/p>\n<\/blockquote>\n<p>The lawmaker added that the Centre of Economic Classifications, a national regulator that polices legal forms of \u201ceconomic activity,\u201d is preparing to add a new \u201cindustrial [crypto] mining\u201d category.<\/p>\n<p>Tkachev added that the nation\u2019s first industrial crypto mining body, the Industrial Mining Association, was founded late last month, and noted:\n<\/p>\n<blockquote>\n<p>\u201cThe association should soon develop into a self-regulatory organization that will be able to shape trends in the sector.\u201d<\/p>\n<\/blockquote>\n<figure id=\"attachment_124516\" aria-describedby=\"caption-attachment-124516\" style=\"width: 640px\" class=\"wp-caption alignnone\"><figcaption id=\"caption-attachment-124516\" class=\"wp-caption-text\">The Russian State Duma in Moscow, Russia. (Source: Duma.gov.ru [CC BY 4.0])<\/figcaption><\/figure>\n<h2>Is Russian Interest in Crypto \u2018Growing\u2019 As Sanctions Bite?<\/h2>\n<p>\nRussian industrial crypto miners have been calling for Moscow to hurry up and legalize their sector for years, as crypto mining currently has no legal status in the country.<\/p>\n<p>In the past decade, major crypto mining firms such as BitRiver have emerged in Russia, while oil and gas producers are using their resources to mine coins.<\/p>\n<p>Some projects involve oil drillers who partner with miners at pump sites, using associated gas to power rigs.<\/p>\n<p>And some progressive politicians have said they want to fast-track mining legislation so they can begin taxing the income of industrial miners.<\/p>\n<p>But \u201chome\u201d crypto mining has also boomed in Russia, a country famed for its low energy costs and cold winter weather.<\/p>\n<p>Many use subsidized residential energy to power their rigs, a fact that has blighted and angered Russian power providers over the years.<\/p>\n<p>The lawmaker agreed that there was a \u201cgrowth in the number of Russian investors in cryptocurrency,\u201d noting that \u201cmore than 13 million wallets were opened in the Russian Federation\u201d last year.<\/p>\n<p>Tkachev said that this growth was a \u201cnatural\u201d response to international sanctions, adding that the Russian public\u2019s knowledge of \u201cfinancial literacy\u201d and various forms of \u201cfinancial assets\u201d has \u201cdefinitely increased\u201d in recent months.<\/p>\n<p>But while Tkachev suggested that politicians want to discourage citizens from making use of crypto in the \u201cdomestic\u201d economy, he conceded that crypto would likely continue to play a role in powering Russian trade.<\/p>\n<p>The lawmaker said:\n<\/p>\n<blockquote>\n<p>\u201cThe [Russian] state cannot officially carry out transactions in cryptocurrency yet. And Russian companies, trading with colleagues from other countries, unfortunately, are also limited in their capacities to [use crypto]. But, I think that this will change by the end of this year and the first half of next year.\u201d<\/p>\n<\/blockquote>\n<p>\nTkachev added that crypto adoption of this sort would likely continue in the short term, as will the use of Central Bank-powered alternatives. He concluded:\n<\/p>\n<blockquote>\n<p>\u201cExpect to read headlines about a [Russian] state corporation or a state-run company becoming the first to conduct an international transaction with an overseas partner using cryptocurrency or the digital ruble.\u201d<\/p>\n<\/blockquote>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/russian-politicians-want-to-ban-private-citizens-from-mining-crypto.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Deno\/Adobe A senior Russian politician has claimed that lawmakers want to bar private citizens from mining crypto \u2013 but will allow industrial miners to operate. The comments came from Anton Tkachev, the Deputy Head of the State Duma\u2019s Committee on Information Policy, Information Technologies, and Communications, in an interview with the Parliamentary Gazette. Tkachev [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":79124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-79123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Russia Wants to Ban Citizens from Mining Crypto | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Deno\/Adobe A senior Russian politician has claimed that lawmakers want to bar private citizens from mining crypto \u2013 but will allow industrial\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=79123\" \/>\n<meta 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