The Cryptos News | Daily Bitcoin News
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
The Cryptos News | Daily Bitcoin News
No Result
View All Result
Home Mining

Russian Central Bank Ready to Make Crypto Regulation Concessions, Hints Governor

Russian Central Bank Ready to Make Crypto Regulation Concessions, Hints Governor
Share on FacebookShare on Twitter


Elvira Nabiullina. Source: a video screenshot, Банк России / YouTube

 

Russia’s Central Bank chief Elvira Nabiullina has stated that she is prepared to allow the nation to do business in crypto – as long as it does not enter the Russian financial system and is only used in international settlements. But the country’s finance ministry, which favors legalization and regulation, is hopeful of reaching a compromise with the bank.

Nabiullina is a key ally of president Vladimir Putin and has been widely praised in Russia for her handling of the national economy in the face of international sanctions. But she is also the nation’s most prominent crypto-skeptic. She has called several times for a blanket ban on crypto and a fast-tracked digital ruble rollout.

Although the bank’s position has somewhat softened in recent weeks, with bank chiefs including Ksenia Yudaeva (the bank’s Deputy Governor) claiming that crypto could be used in the international settlements space, Nabiullina’s personal endorsement packs more of a punch.

However, she issued a familiar-sounding warning about the dangers of what she has labeled the potential “cryptoization” of the Russian economy.

Per Kommersant, Nabiullina told reporters at an economic forum held in St. Petersburg:

“Our position is that cryptocurrency should not be used as a means of payment within the country. […] As for the use [of crypto] in international settlements, if it does not enter into the Russian financial system, then it is possible.”

Speaking at the same event, Ivan Chebeskov, the financial policy department head of the Ministry of Finance, said that the ministry hoped to “reach an agreement with the Central Bank on the regulation of cryptocurrencies.”

Chebeskov also spoke of crypto mining, an industry that the government wants to regulate and tax. He called the sector a “growth engine” for “Russia’s digital economy,” and added, per FinAm:

“We believe that the industry certainly needs to be regulated. We hope that we will indeed reach an agreement on all the remaining points [where we are currently at odds with] the Central Bank. At the beginning of the year, we did not have common ground at all. Now we have found common ground: mining and settlements for overseas economic activity.”

Nabiullina has not spoken publicly about any changes to her crypto mining stance, but multiple government figures have claimed that the bank may be prepared to allow mining – provided all tokens that miners receive stay out of the Russian economy.

The ministry will doubtless have been buoyed by news that one of the world’s biggest gas companies, Gazprom, has struck a deal with the Russian Bitcoin (BTC) mining firm BitRiver.

BitRiver was hit with sanctions by the American regulatory Office for Foreign Assets Control (OFAC) back in April this year, a move the Russian firm called “unfair.”

But the new deal will provide a boost to the company. Under the terms of the agreement, Gazprom’s oil arm Gazprom Neft will provide BitRiver with electricity it creates by burning associated petroleum gas at drilling sites. This electricity will be used to power BitRiver-run mining complexes that will be built at the drilling sites.

In a press release, Igor Runets, the Founder and CEO of BitRiver, was quoted as stating:

“In the next two years, BitRiver will […] create its own data centers for energy-intensive computing with an increase in capacity up to 2GW, including using associated petroleum gas, which will […] ensure high and stable power supply.”

Associated petroleum gas is a by-product of crude oil extraction, and is often burned off (or “flared”) by drilling professionals. However, industries that can make use of this resource have previously been encouraged to set up centers near oil extractors.

As previously reported, Gazprom Neft has been running associated petroleum gas-powered crypto mining pilots at its Western Siberian drilling locations since late 2020.

____

Learn more: 
– Russian Central Bank Prepared to Make Some Concessions on Crypto Regulation
– Russia Edges Closer to Crypto Regulation as Ruling Party, Energy Ministry Push for Legislation

– New Law Would Ban Crypto Pay in Russia (Again) as Miners Struggle to Convince Central Bank to Legalize Industry
– Crypto-related Criminal Cases Rise by 40% Year-on-Year in Russia

– Bitcoin Mining Gathers Support in Russia as More Details Emerge on International Crypto Payments
– Russia to Legalize Crypto for Payments ‘In Some Format or Other’ – Minister



Read More:Russian Central Bank Ready to Make Crypto Regulation Concessions, Hints Governor

Tags: BankcentralConcessionscryptoGovernorhintsreadyRegulationRussian
Previous Post

Why cryptocurrencies have gone from the next hot thing to a full-on meltdown

Next Post

Kazakhstan Will Now Allow Crypto Exchanges To Have Their Bank Accounts | Bitcoinist.com

Related Posts

Public weighs in on noise from bitcoin mining operation

Public weighs in on noise from bitcoin mining operation

by The Cryptos News
July 30, 2022
0

NIAGARA FALLS, N.Y. — Frank Peller couldn’t understand what was happening outside his home.“I thought it was a 747...

Chinese Fake Loan App Racket Used Crypto, Apple, Google Questioned On Crypto Apps Review,

Cryptojacking Cases Are Rising Globally, Why So And Should This Worry You?

by The Cryptos News
July 30, 2022
0

According to the internet security company Kaspersky, cryptojacking is an act of mining cryptocurrency by hacking into someone else’s...

Chainalysis Report Says $2.2 Million in Crypto Has Been Sent to Pro-Russian Groups in

Chainalysis Report Says $2.2 Million in Crypto Has Been Sent to Pro-Russian Groups in

by The Cryptos News
July 29, 2022
0

According to a report stemming from the blockchain intelligence company Chainalysis, the firm identified 54 pro-Russian groups that have...

Prices of Ethereum’s original coin ETH soar as miners migrate ahead of Merge

Prices of Ethereum’s original coin ETH soar as miners migrate ahead of Merge

by The Cryptos News
July 29, 2022
0

Over the past two weeks Ethereum’s popular ETH coin jumped by nearly half as confidence builds over its hotly-anticipated...

Next Post
Kazakhstan Will Now Allow Crypto Exchanges To Have Their Bank Accounts | Bitcoinist.com

Kazakhstan Will Now Allow Crypto Exchanges To Have Their Bank Accounts | Bitcoinist.com

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trending News

Payperless Crypto Wallet announced working on NFT tokens support

Payperless Crypto Wallet announced working on NFT tokens support

June 25, 2022
June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

July 14, 2022
Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid

Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid

July 30, 2022
ADVERTISEMENT

Investment

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

July 30, 2022
Study up and become a more informed crypto investor with this bundle

Study up and become a more informed crypto investor with this bundle

July 30, 2022
Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

July 30, 2022
Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

July 29, 2022
$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

July 29, 2022

Prices

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

July 30, 2022
Tron price prediction as Unifi Protocol TVL explodes

Tron price prediction as Unifi Protocol TVL explodes

July 30, 2022
Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

July 30, 2022

Crypto Flipsider News – Crypto Market Rally; Nirvana (NIRV) Exploited; Vasil Delayed;

July 29, 2022

Trading

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

July 30, 2022
SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

July 30, 2022
Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

July 29, 2022
FTX wins full approval to operate crypto exchange in Dubai

FTX wins full approval to operate crypto exchange in Dubai

July 29, 2022
Crypto exchange Zipmex files for bankruptcy protection in Singapore

Crypto exchange Zipmex files for bankruptcy protection in Singapore

July 29, 2022
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA

© 2021 Thecryptosnews.com

No Result
View All Result
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading

© 2021 Thecryptosnews.com

wpDiscuz