The Russian Ministry of Energy called for accelerating the legalization of mining – Bits Media

The Ministry of Energy of the Russian Federation called on the country's authorities to accelerate the legalization and regulation of cryptocurrency mining.

As reported by TASS agency, the corresponding statement was made by Deputy Minister of Energy of the Russian Federation Evgeny Grabchak at the first All-Russian Conference of Legal Miners. The conference was held in Irkutsk on Saturday, 26 Martha.

“The legal vacuum makes it difficult to regulate this area and establish transparent rules of the game.. And this legal vacuum must be eliminated as soon as possible. If we want to somehow get along with this activity, and in the current reality we have no other options, legal regulation, the concept of mining needs to be implemented in the regulatory framework", – Grabchak emphasized.

According to the official, it is necessary to think through legislation in this way, so that regions can independently determine the location of mining equipment and electricity quotas for mining companies. This will make the process more efficient and fit it into the region’s development plan.

“This activity from the point of view of sites or quotas of free capacity by territory must be regulated. Maybe, this should not be done at the federal level, and at the regional level. Maybe, it needs to be synchronized with regional development plans and plans for the development of other industries. AND, maybe, must be correlated with plans for the development of the energy system", – says the Deputy Minister of Energy.

At the same time, Grabchak emphasized, that you shouldn't hope for it, that the market itself will “regulate” the industry. Even if mining companies start consuming significant amounts of electricity, which will cause tariffs to rise, It is unlikely that they will stop mining cryptocurrencies. Therefore, it is necessary to regulate the industry legislatively.

Earlier, Russian Prime Minister Mikhail Mishustin said, that in the concept of regulating cryptocurrencies in the Russian Federation, special attention was paid to regulating the mining industry.