Deputy Minister Evgeny Grabchak said yesterday that the legal vacuum regarding cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. should be eliminated in order to legalize it.
Russia has been cut off from many revenue streams by international sanctions against it, after its invasion of Ukraine and the terrible war that has caused countless deaths.
That is why the huge country, which is the third largest in the world in oil production, is looking for unconventional ways to produce resources such as cryptocurrency mining.
Russia’s Deputy Energy Minister Evgeny Grabchak said yesterday that the legal loophole in cryptocurrency should be eliminated, according to a report by news agency TASS.
Grabchak noted that it would be more effective deciding mining locations and freeing up energy resources for miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. at the regional rather than the federal level and that this should be governed through regional development plans.
The deputy energy minister also added that the legal vacuum that exists in cryptocurrency mining needs to be addressed “as soon as possible”.
In this regard, he said:
“The legal vacuum makes it difficult to regulate this area and to establish clear rules of the game. This legal vacuum must be [eliminated] as soon as possible. If we somehow want 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 a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. to the regulatory framework.” .
Last week, Russian State Duma member and Energy Committee chairman Pavel Zavalny also suggested Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and domestic currencies as payment alternatives for energy exports to “friendly nations”. Some of the nations that have expressed their support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for Russia are Venezuela and Syria.
Likewise, last week Zalvany also expressed that Russia was considering selling oil and gas a term used on the Ethereum platform that refers to a unit of measuring the computational effort of conducting transactions or smart contracts, or launch DApps in the Ethereum network. It is the “fuel” of the Ethereum network. *see Gas Limit and Gas Price. in Bitcoin .
Also, following up on President Vladimir Putin’s earlier demand that “hostile countries” use the ruble for such transactions, Zavalny suggested gold and Russia’s currency, the ruble, as payment options for the country’s energy supplies, which the EU refused.
Even as Ukraine legalized the cryptocurrency market an area or arena, online or offline, in which commercial dealings are conducted. and received financial assistance in digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets, some industry observers are concerned that Russia may use cryptocurrencies to circumvent financial and economic sanctions. The European Union clarified, in this regard, that sanctions included crypto.
After calling for a ban on cryptocurrencies before the invasion of Ukraine, Russia’s central bank has now issued a license to the country’s largest bank, Sberbank, so you can trade digital assets.
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