The Central Bank considers it optimal to ban the mining of cryptocurrencies in Russia

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AK&M 20 January 2022 16:37

The current scale and further spread of cryptocurrency mining in Russia carry significant risks for the economy and financial stability, therefore, the Bank of Russia considers it optimal to ban cryptocurrency mining in the territory of the Russian Federation. This is evidenced by the materials of the regulator.

Mining, according to the Central Bank, creates unproductive electricity consumption, endangering the energy supply of residential buildings, social infrastructure buildings and enterprises, as well as the implementation of the environmental agenda in Russia.

In addition, mining generates demand for infrastructure for conducting operations with cryptocurrencies, which increases the negative effects of the spread of cryptocurrencies and creates incentives to circumvent regulation, the regulator believes.