The Central Bank of Russia wants to ban local crypto miners from selling crypto to Russians.
The Central Bank of Russia supported the idea of legalizing cryptocurrency mining in Russia as part of a bill submitted in mid-November 2022. But on the condition that miners sell their cryptocurrencies to non-Russian residents.
Crypto Mining Step from Russia
Russia continues to take a negative stance, proposing to ban local miners from selling cryptocurrencies to local residents. Although it is generally seen as negative, this situation constitutes the first steps of legalization for Russia.
According to the Russian news agency Interfax on December 7, in a statement made by the press office of the Central Bank of Russia; “We believe that the cryptocurrency obtained as a result of mining can only be sold using foreign infrastructure and only to non-residents,” the statement said.
The Central Bank of Russia has long advocated that Russian residents should only be allowed to transact through foreign trading platforms. According to the proposal, miners who want to sell their own crypto within Russia must carry out their transactions through an authorized institution.
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