The Ministry of Energy of the Russian Federation called on the country’s authorities to accelerate the legalization and regulation of cryptocurrency mining.
According to the TASS news agency, the corresponding statement was made by Deputy Minister of Energy of the Russian Federation Yevgeny Grabchak at the first all-Russian conference of legal miners. The conference was held in Irkutsk on Saturday, March 26.
“The regulatory and legal regulation of this sphere and the establishment of transparent rules of the game are hampered by the legal vacuum. And this legal vacuum must be eliminated as soon as possible. If we want to somehow get along with this activity, and we have no other options in the current reality, regulatory and legal regulation, consolidation of the concept of mining in the regulatory framework should be implemented,” Grabchak emphasized.
According to the official, it is necessary to think over the legislation in such a way that the regions can independently determine the locations of mining equipment and electricity quotas for mining companies. This will make the process more efficient and fit it into the development plan of the region.
“This activity from the point of view of sites or quotas of free capacities in the territories should be regulated. Probably, this should be done not at the federal level, but at the regional level. Probably, it is necessary to synchronize it with the plans for the development of the regions and plans for the development of other industries. And, probably, it is necessary to correlate with the plans for the development of the energy system,” the deputy minister of the Ministry of Energy believes.
At the same time, Grabchak stressed that one should not hope that the market itself will “regulate” the industry. Even if mining companies begin to consume a significant amount of electricity, which will cause an increase in tariffs, it is unlikely that they will stop mining cryptocurrencies. Therefore, it is necessary to regulate the industry by law.
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