Russia’s Finance Minister Discusses Cryptocurrency Mining Rules Amidst Gray Areas

Anton Siluanov, Russia’s finance minister, has signaled readiness to address uncertainties surrounding cryptocurrency mining and the utilization of its proceeds. In a recent lecture, Siluanov emphasized the need for clarity on what activities related to cryptocurrency are permissible within the country, acknowledging that discussions on this matter have been ongoing for years. Despite his opposition to the circulation of mined cryptocurrencies domestically, Siluanov highlighted the necessity of defining rules governing these assets.

Siluanov’s stance aligns with the Central Bank of Russia’s historical resistance to the legalization of cryptocurrencies, citing concerns over loss of control over monetary flows. However, there appears to be openness towards exploring the potential use of mined cryptocurrency for international payments, an idea previously supported by Russian President Vladimir Putin. Recent legislation signed by Putin regulates the use of digital currencies for international transactions.

As discussions continue between Siluanov and central bank officials to delineate permissible uses of mined cryptocurrency, the Russian cryptocurrency mining industry remains robust. According to the Skolkovo Fintech Hub, Russian miners generated between $620 and $740 million worth of cryptocurrencies in 2022.