Central Bank of Russia (CBR)

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The head of the financial technology division of the Central Bank of Russia (CBR) stated that the legalization of cryptocurrency mining depends on certain conditions.

 

Central Bank of Russia (CBR) – Kirill Pronin, head of the Russian Central Bank (CBR)’s department of financial technologies, acknowledged the possibility of legalizing cryptocurrency mining under certain conditions. Kirill Pronin expressed his ideas about mining at the Saint-Petersburg International Legal Forum on Wednesday, June 29. During a cryptocurrency-focused session, Pronin said that CBR does not take the same rigorous stance on mining as it does in the case of general crypto legalization:

Despite the fact that we are speaking up consistently for the prohibition of cryptocurrencies’ turnover […] the discussion regarding mining’ legalization is possible.”

He asserts that mined assets must be strictly sold abroad and in exchange for fiat currency. According to him:

“Ultimately, we must say that there should be an export of these mining services, and the mining business shouldn’t lead to accumulation of cryptocurrency in the country, so there won’t be a motivation for a further usage in the internal payments.”

It should be noted that Ivan Chebeskov, the latter’s head of the department of financial policy, disagrees with Pronin and reminds him that there are notable challenges for Russian miners selling their cryptocurrencies abroad.

 

 


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