Ban Crypto, but Legalize Mining and Issue Gold-backed Stablecoin, Urges Top Russian MP
Russian parliamentarians, government officials and finance chiefs remain deeply divided on the issue of crypto regulation – with a leading lawmaker indicating that crypto mining could soon be legalized, alongside a state-run, gold-backed stablecoin, while backing the idea of banning crypto trading and investment. The news comes shortly after the Central Bank’s recent proposal, suggesting a ban on crypto and token mining.
There is nothing particularly new about the Central Bank’s stance – the institution and its Governor Elvira Nabiullina remain staunchly opposed to all things crypto-related, and have repeatedly called for various forms of crypto bans, including China-style crackdowns on mining and trading platforms ahead of the release of its own digital ruble.
However, its latest announcement, made late last week, caught the attention of much of the international media. In fact, enacting a ban on crypto would require the central bank to win over parts of the government that remain staunchly pro-business – at a time when Russian firms are increasingly turning to mining and tokenization-related business.
Lenta, quoting RIA Novosti, reported that the chairman of the State Duma’s Committee on Industry and Trade, Vladimir Gutenev, stated that crypto mining in Russia could be continued and legalized, but “only if it is put under strict state control.” He explained that this would mean all crypto miners would have to be “absolutely transparent, pay all taxes and operate in regions which produce surplus electricity” or have climatic factors that “make cooling less energy-intensive.”
The industry itself has been urging the government to legalize mining as soon as possible – although such a move would likely only benefit industrial
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