Russia Delays Cryptocurrency Regulations, Plans To Build Massive Mining Farm

Russia’s Very first Deputy Prime Minister Igor Shuvalov has exposed that discussions are underway to create government centers for cryptocurrency mining, according to Russian news.

Meantime, the country is busy finalizing a bill to provide legal regulations for digital currency including Bitcoin.

Shuvalov is tasked with treating the Russian federal budget and economic policies. Regarding cryptocurrency mining, “we talked about the future of this sector te Russia, given that it is developing so rapidly ter the world,” Shuvalov said.

He further voiced that electrical play generators exist that mining centers could be placed nearby. However, he noted that it is still a discussion with no concrete plans going forward spil of yet, adding:

“For such cryptocurrency mining centers to develop, it is necessary to prepare relevant legislation and its regulation.”

The bill provides the legal framework needed for cryptocurrency including Bitcoin and Ether and is presently being finalized, stated Elina Sidorenko who goes the working group chartered to draft the regulations.

The framework wasgoed delayed by Russian lawmakers due to Bitcoin’s fluctuating market ter order to better explore the cryptocurrency asset and other legal questions that have surfaced after the BTC-E take down.

“In April, wij announced that the draft law would be ready ter October. However, the situation on the market made us, te addition to the main bill, consider several more options. And now all thesis projects are postponed, wij are watching the situation to understand,” Sidorenko said.

This news comes after the latest announcement from Russian Miner Coin (RMC) which plans to raise $100 million worth of cryptocurrency value to commence a large-scale Bitcoin mining operation to contest with China which makes up 60% of the mining community. RMC is co-owned by one of Vladimir Putin’s advisors, Internet ombudsman Dmitry Marinichev, who said that “Russia has the potential to reach up to 30 procent share te global cryptocurrency mining te the future.”

So is RMC being backed by the Russian government to open up thesis Russian government approved mining centers? Time will tell, but one thing for sure is that China has a large stake ter cryptocurrency while other countries such spil the U.S. are falling behind.

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