Offbeat Duma crypto Mining wants to legalize: Russian Central Bank raises an objection

06:10  01 december  2021
06:10  01 december  2021 Source:   finanzen.net

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In Russia want the executive and Parliament, the mines legalize crypto currencies like Bitcoin and regulate. However, the Central Bank warns of local variety of risks and a high power consumption. Other countries see the mining as a threat to the energy turnaround.

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Russia is the third largest producer of Bitcoin world

Russian Duma wants crypto Mining legalize and into the control system of the country integrate

Sweden and China see crypto Mining as a threat to the energy transition

mining industry seeks new location

production of crypto currencies is widespread in Russia. According to the Center of Alternative Finance from Cambridge University, was among the country by world standards (as of August 2021) to the states where most Bitcoin be mined . With a share of 11.23 percent Russia ends up behind the United States (35.40 percent) and Kazakhstan (18.10 percent) in third. The percentages are based on the average monthly hash rate. It indicates the speed at which the many and very complex arithmetic operations are performed. Until the middle of this year, the first place went to China. - Bitcoin trade Plus 500 - as it gets. 72% of individual investors accounts lose money if they trade with this provider CFDs. You should carefully consider whether they can afford to take the high risk of losing your money. - The Center of Alternative Finance published the analysis of his data in an appropriate ranking. The data are not always valid. Occasionally there are inaccuracies and measurement errors. Thus, the researchers attribute to the fact that Germany has landed in this ranking among the top ten, only to redirected IP addresses and not on the actual content of the hash rate back.

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crypto mining should be legalized and regulated

Due to the current position of Russia as a major producer of crypto-currencies, it does not seem surprising at first glance that the government now also legalize the crypto Mining and wants to regulate. According to information of the Russian news portal Izvestia, the majority of seats in parliament and the Minister of Economic Development and Energy have expressed support for recognizing the crypto mining as a business activity. As Izvestia further reported the Ministry of Economy see many benefits of legalization of Bitcoin production. First, the activity of the crypto mining fit very well with the civil law definition of entrepreneurship. Secondly, the potential consequences of a future regulation of crypto industry are viewed positively.

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The mining company should receive a classification code in the future, enabling them to register in Russia then. This is not, this is a legalization as such. According to Anatoly Aksakov, chairman of the Finance Committee of the Duma, the crypto-mining is not prohibited in Russia. The aim of this regulation consists According Aksakov is to integrate the mining industry in the existing economic and tax system of Russia.

risks and side effects of the production of crypto currencies

However, there are voices against these plans. The Russian Central Bank Rejects the initiative and warns in a report from the risks of legalizing crypto currencies such as the financing of terrorism, money laundering or fraud. Another problem is the high power consumption, which is associated with the crypto mining. Anatoly Aksakov argues for different electricity tariffs for Miner on one side and consumers on the other side.

In other countries, the mining is controversial. How t3n reported the massive regulations and prohibitions have brought the Chinese government, the local production of crypto currencies virtual standstill. The official reason for the high power consumption and the climate-damaging effects associated named. Countries such as Sweden see a threat to climate and energy policy in the crypto industry. In an official statement of the Swedish Financial Authority "Finansinspektionen" are committed to the people responsible for a partial ban on the crypto-production in the EU. This would only the so-called proof-of-work mining concern, which requires a much higher power consumption compared to the proof-of-Stake mining. M. Wieser / Editorial finanzen.net

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