Evgeny Grabchak, Deputy Minister of Energy in Russia has suggested regulatory authorities to bring new regulations for cryptocurrency mining operations, as current “Vacuum” hinders economic potential.
According to reports from several media outlets, the Deputy Minister of Energy, Evgeny Grabchak has asked the Russian government to bring fresh cryptocurrency mining regulations, promoting the legalization of crypto in the country. As per the statement from the Deputy Minister, it is speculated that the Russian government will finally have to become transparent on its stance, regarding the cryptocurrency sector.
Eliminating Current “Legal Vacuum”
The statements from the Deputy Minister highlighted that the legalization of Bitcoin and other cryptocurrency mining operations will help many firms to stay in compliance with Russian laws, meanwhile also promoting the overall popularity and growth of the digital asset market in the region.
Grabchak said that the current “legal vacuum” for the cryptocurrency space in Russia makes the region quite challenging to regulate and implement new rules, so it must be taken care of at the earliest. Deputy Minister Grabchak emphasized that the current situation is hopeless and new legalized regulations must be issued, brining digital currency mining operations into the regulatory framework.
In addition to that, Grabchak suggested that the introduction of fresh cryptocurrency mining regulations in the region will help to establish a new pathway that will allow cryptocurrency operations to connect with localized market development tactics, and to ensure this, authorities must approve of providing energy generation facilitations and proper spaces for these mining operations.
Putin wants Regulations
Grabchak’s statements have been welcomed in positive way by many market experts, however the issue from the Russian Central Bank persists, as it introduced a proposed ban on all cryptocurrency mining operations and trading. But despite all the opposition presented by the Central Bank, Russia’s own President, Vladmir Putin sees the hidden potential in cryptocurrencies to be the next way for economic development and has ordered the relevant authorities to introduce respectable regulations.
Following that, the Finance Ministry has issued the initial proposal regarding the legalization of Bitcoin and other crypto assets, for them to be legal sources of investment, but the proposal did mention that cryptocurrencies will not be highlighted as legal tender any time soon.
