{"id":7843,"date":"2023-11-01T02:05:03","date_gmt":"2023-11-01T02:05:03","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/russia-wants-to-ban-citizens-from-mining-crypto\/"},"modified":"2023-11-01T02:05:04","modified_gmt":"2023-11-01T02:05:04","slug":"russia-wants-to-ban-citizens-from-mining-crypto","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7843","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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":7844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-7843","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Russia Wants to Ban Citizens from Mining Crypto | inFundPros<\/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, 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