The State Duma of the Russian Federation together with Ministries of Economic Development, and Energy are considering legalizing and regulating the crypto mining sector in the country.
Related: Putin Says Crypto Has Value, but Its Usage Is Limited
According to the press release published by the news provider Izvestia, the authorities find this will be beneficial for both the country and the crypto businesses. However, the Central Bank of Russia doesn't support the idea, saying there are crypto-related risks.
The head of Duma's fin. committee, Anatoly Aksakov, said although crypto mining isn't forbidden in Russia, there are no clear rules for taxation and regulation.
Data from the Center of Alternative Finance at the University of Cambridge show that Russia ranks third as the largest BTC mining country on a global scale after the USA and Kazakhstan. At the same time, the CB of Russia is working on a digital Ruble. The prototype will be supposedly tested in Jan. 2022.