Russia to Permit Partial Bitcoin Mining

Serval Russian departments have come to an agreement despite the fact that there has been much back and forth about Russia’s crypto policy. Bitcoin (BTC) Mining should be legalized where there is electricity.

“Let them earn money,” tThe chairman of the Congress finance Committee said.

Russia’s crypto experts joined forces to form a working party that aims at creating a standard in energy-efficient, successful cryptocurrency mining. 

Once established, the standards will serve an important role in providing investors with improved hardware uptime. The report states:

“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.”

A more scientific approach will also be included in the standard, where computer modeling will take into account speeds and pressures. 

Due to previous calls for a blanket ban, the crypto journey on Russian soil was not smooth. 

The Central Bank of Russia (CBR), which suggested that crypto-related activities should not be allowed, went on the offensive earlier this year.

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. 

However, Russian tech and political leaders voiced disapproval at the blanket ban.

Pavel Durov, founder and CEO of Telegram, stated that Technology Digital currencies were making life easier, from finance to art, by providing the foundation. 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.

The Russian government has made a new move regarding cryptocurrencies.  

Source: Shutterstock



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