Bank of Russia wants to ban miners from selling crypto to Russians
The Russian central bank continues to maintain an extremely negative stance on cryptocurrencies, proposing to ban local miners from selling coins to local people.
The Bank of Russia has supported the idea of legalizing cryptocurrency mining in Russia as part of a draft bill introduced in mid-November 2022.
However, the Russian central bank wants to allow miners to sell their crypto only on foreign exchanges and to non-residents of Russia, the local news agency Interfax reported on Dec. 7.
“We believe that cryptocurrency obtained as a result of mining can be sold exclusively using foreign infrastructure and only to non-residents,” the Bank of Russia’s press office reportedly said, adding:
The new proposal would apparently trigger a lot of questions from miners in Russia, as many foreign crypto exchanges have banned Russians from using their platforms in compliance with sanctions over Russia's war in Ukraine. The Bank of Russia has been a long proponent of allowing residents to trade only via foreign trading platforms as well.
According to the Bank of Russia’s proposal, miners that want to sell their self-mined crypto within Russia must carry out operations through an “authorized organization.”
The news comes shortly after the Russian Ministry of Finance opposed the Bank of Russia’s proposal to introduce strict licensing of crypto mining operations in Russia.
On Dec. 6, Deputy Finance Minister Alexey Moiseev reportedly said that the Russian central bank has developed a new plan to only allow mining through “authorized organizations.” According to the official, such a measure would essentially bring “total licensing” of crypto mining. “We are against it,” Moiseev reportedly stated.
As previously reported, Russian lawmakers
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