Russia to legalize Crypto Mining Soon - page 2.

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Quote from: Kakmakr on March 29, 2022, 01:06:23 AM

A few months ago the different houses and Ministers of the Russian government had opposing views on the legality of Bitcoin and Crypto currencies, but now that Bitcoin and Crypto currencies has benefited them, by enabling them to bypass sanctions... they suddenly agree that Crypto currencies should be legalized. Roll Eyes

It just shows you how governments shape their opinions on something, if they can profit or benefit from it.... and not if it is beneficial to their citizens. Roll Eyes

You have told the words of my mind. After getting sanction from different countries Now they legalized to get some benefit from cryptocurrency .You will see again that cryptocurrency will be banned again for their benefit

Kakmakr

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A few months ago the different houses and Ministers of the Russian government had opposing views on the legality of Bitcoin and Crypto currencies, but now that Bitcoin and Crypto currencies has benefited them, by enabling them to bypass sanctions... they suddenly agree that Crypto currencies should be legalized. Roll Eyes

It just shows you how governments shape their opinions on something, if they can profit or benefit from it.... and not if it is beneficial to their citizens. Roll Eyes

davis196

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I still don't know whether or not crypto mining in Russia is illegal.Perhaps crypto mining is in the grayhat area.
Russia is in the Top 3 countries,when it comes to crypto mining and hashpower.With that being said,I don't believe that so many cryptocurrency miners keep running their business outside the law in Russia.
By the way,Kazakhstan is a country that's been very politically dependent on Russia and crypto mining is being under attack there.Maybe Kazakhstan will follow Russia's example and legalize crypto mining as well(or at least impose more liberal regulations upon the crypto miners).
I don't trust the Russian government and I think that news coming from Russia should be taken with a grain of salt.

pooya87

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Quote from: Vaskiy on March 28, 2022, 06:27:29 PM

because back in January cryptocurrency mining was banned in Russia.

Did they really ban in back in January?
Because to be honest I faintly remember reading about this supposed ban but it was never an actual ban but someone (similar to this news) was saying that mining cryptocurrencies should be banned and the news sites ran with it as if it were law.

Quote from: Fundamentals Of on March 29, 2022, 12:50:25 AM

If it is illegal, why are there legal crypto miners? If it is legal, why the call for the legalization of crypto mining? And this is not the only time I have heard of crypto mining in Russia.

It is not about legalizing but more about regulating and mining doesn't have to be illegal to be regulated.

NotATether

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Quote from: Fundamentals Of on March 29, 2022, 12:50:25 AM

I was confused with the title that Russia is set to legalize cryptocurrency mining soon and yet the remarks by Evgeny Grabchak, the Russian Deputy Minister of Energy, was made during the first national conference of legal crypto miners in Irkutsk in Russia itself. So is cryptocurrency mining illegal in Russia at this point? If it is illegal, why are there legal crypto miners? If it is legal, why the call for the legalization of crypto mining? And this is not the only time I have heard of crypto mining in Russia.

Any regulatory framework that would be introduced in Russia wouldn't be coming from the mining community (obviously) but from Russia. It is likely the result of their own government being unable to agree on common terms about mining with itself, rather than any particular after-effect of crypto mining.

Fundamentals Of

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I was confused with the title that Russia is set to legalize cryptocurrency mining soon and yet the remarks by Evgeny Grabchak, the Russian Deputy Minister of Energy, was made during the first national conference of legal crypto miners in Irkutsk in Russia itself. So is cryptocurrency mining illegal in Russia at this point? If it is illegal, why are there legal crypto miners? If it is legal, why the call for the legalization of crypto mining? And this is not the only time I have heard of crypto mining in Russia.

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Quote from: kotajikikox on March 28, 2022, 11:50:56 PM

Quote from: Vaskiy on March 28, 2022, 06:27:29 PM

Russian Deputy Minister of Energy Evgeny Grabchak revealed statement about introducing clear regulations for crypto mining in the country. His statement served as a support for the cryptomarket and the miners within the country, because back in January cryptocurrency mining was banned in Russia.

During the first national conference of legal crypto miners Grabchak called for introducing a regulatory framework for the sector at the earliest. In his statement he added

Quote

"The legal vacuum makes it difficult to regulate this area and set clear rules of the game. This legal vacuum needs to be eliminated as soon as possible. If we want somehow to get along with this activity, and we have no other options in the current reality, we must introduce legal regulation, adding the concept of mining to the regulatory framework".

Russian government to legalize mining soon

Looking at the scenario ? is it Russia and Ukraine are competing in adopting crypto specially Bitcoin ? after China banning mining industries for crypto now Russia will adopt and open their doors to miners?
nice strategy for both country and they seems to be conniving on how they will have power inside crypto as this is one of the largest profit provider nowadays.

They could have made a deal actually and stopped this war, both countries could just make money as they both can offer something on thier tables to have a good deal and start mining BTC and adopting cryptocurrency. But of course, Zelenskyy can't do that, he needs s whisper from someone else before deciding.

Mining BTC in Russia is definitely the best idea to do. They have the gas to power thier mining farms forever and they have China to provide them with their Asics. Russia is a cold country making it perfect. If they can't sell some of their overflowing gas, turn the gas into BTC. Problem solved.

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I feel pity about Russian government. Russia was always negative about cryptocurrency and its legislation. Now when they are getting cut off from the world due to various international bans and sanctions, they are finding cryptocurrency can save them from such situations.

This is nonsense! Russia is learning the hard way that cryptos can indeed help their economy in case of an isolation. I hope this incident will put some sense on other governments who are opposing the inclusion of cryptocurrency in their economy.

qwertyup23

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Quote from: Poker Player on March 28, 2022, 10:46:04 PM

Quote from: Vaskiy on March 28, 2022, 06:27:29 PM

Russian Deputy Minister of Energy Evgeny Grabchak revealed statement about introducing clear regulations for crypto mining in the country. His statement served as a support for the cryptomarket and the miners within the country, because back in January cryptocurrency mining was banned in Russia.

I suppose people living in Russia will take advantage of this to mine, but I doubt this will attract foreign capital, at least significantly. It is no longer because of the war or Putin, it is because of the perceived insecurity of having gone back and forth on this issue: now I am going to ban it, now I am going to legalize it, tomorrow I will ban it again, and so on.

That said, I hope it will finally be carried out.

I wholly agree with you.

While this may seem like a band-aid solution in order to further enhance their economic situation, their finances is still continuously collapsing due to the pull-outs of all western associated businesses in their country, following the necessary sanctions given. Again, miners in Russia should take advantage of this situation as their government seems to struggle and exhaust all the possible remedies to combat financial shortages on their part.

In the perspective of cryptocurrencies, I hope that this would bring a positive effect in general. By legalizing mining, this may somehow affect the price of BTC in which would be beneficial in the long run.

kotajikikox

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Quote from: Vaskiy on March 28, 2022, 06:27:29 PM

Russian Deputy Minister of Energy Evgeny Grabchak revealed statement about introducing clear regulations for crypto mining in the country. His statement served as a support for the cryptomarket and the miners within the country, because back in January cryptocurrency mining was banned in Russia.

During the first national conference of legal crypto miners Grabchak called for introducing a regulatory framework for the sector at the earliest. In his statement he added

Quote

"The legal vacuum makes it difficult to regulate this area and set clear rules of the game. This legal vacuum needs to be eliminated as soon as possible. If we want somehow to get along with this activity, and we have no other options in the current reality, we must introduce legal regulation, adding the concept of mining to the regulatory framework".

Russian government to legalize mining soon

Looking at the scenario ? is it Russia and Ukraine are competing in adopting crypto specially Bitcoin ? after China banning mining industries for crypto now Russia will adopt and open their doors to miners?
nice strategy for both country and they seems to be conniving on how they will have power inside crypto as this is one of the largest profit provider nowadays.

Poker Player

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Quote from: Vaskiy on March 28, 2022, 06:27:29 PM

Russian Deputy Minister of Energy Evgeny Grabchak revealed statement about introducing clear regulations for crypto mining in the country. His statement served as a support for the cryptomarket and the miners within the country, because back in January cryptocurrency mining was banned in Russia.

I suppose people living in Russia will take advantage of this to mine, but I doubt this will attract foreign capital, at least significantly. It is no longer because of the war or Putin, it is because of the perceived insecurity of having gone back and forth on this issue: now I am going to ban it, now I am going to legalize it, tomorrow I will ban it again, and so on.

That said, I hope it will finally be carried out.

Vaskiy

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Russian Deputy Minister of Energy Evgeny Grabchak revealed statement about introducing clear regulations for crypto mining in the country. His statement served as a support for the cryptomarket and the miners within the country, because back in January cryptocurrency mining was banned in Russia.

During the first national conference of legal crypto miners Grabchak called for introducing a regulatory framework for the sector at the earliest. In his statement he added

Quote

"The legal vacuum makes it difficult to regulate this area and set clear rules of the game. This legal vacuum needs to be eliminated as soon as possible. If we want somehow to get along with this activity, and we have no other options in the current reality, we must introduce legal regulation, adding the concept of mining to the regulatory framework".

Russian government to legalize mining soon

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