March 1, 2024

Despite the back-and-forth stance on crypto in Russia, serval Russian departments have reached a consensus that Bitcoin (BTC) mining should be legalized in areas rich in electricity.

“Let them earn money,” the chair of the Congress finance committee said.

Crypto experts in Russia have joined hands and developed a working group aimed at creating a standard for energy-efficient and successful cryptocurrency mining in the nation. 

Once in place, the standards will play an instrumental role by offering investors enhanced hardware uptime. Per the report:

“It is anticipated that this will also make it possible to correctly calibrate ventilation systems, keeping in mind factors such as humidity, season, area, and the specific place where a cryptocurrency mining unit is situated.”

The standard will also incorporate a more scientific approach where computer modelling will consider speeds and pressures. 

The crypto journey on Russian soil has not been smooth sailing based on previous calls for the sector to face a blanket ban. 

Earlier this year, the Central Bank of Russia (CBR) went on the offensive, hinting that crypto-related activities should be abolished.

Through a report dubbed “Cryptocurrencies: Trends, Risks, Measures,” the apex bank drew a close comparison between the nascent world of crypto and Ponzi schemes, stipulating that both had similarities, Blockchain.News reported. 

Nevertheless, Russian tech and political oligarchs aired their disapproval of the blanket ban.

Pavel Durov, CEO and founder of Telegram, stipulated that the technology underpinning digital currencies was making lives easier from finance to art. He added that despite the urge by Federal authorities to regulate digital currencies, a crypto ban would be likened to “throwing the baby out with water,” as the move would not stop unscrupulous players as intended.

Therefore, the latest development is a change of tune by the Russian administration pertaining to cryptocurrencies.  

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