Russia seeks to take advantage in crypto Mining: hope for the crypto industry 

Through a video conference, Russia confirmed that it will go with the adoption of the crypto mining industry to grab the benefits. 

Since 1 January 2021 crypto trading is fully legal in the Russian Federation with the provisions not to use crypto in payment options. But recently some actions and decisions by the Bank of Russia hinted that Russia is planning to hit a hammer attack on this crypto industry like China’s blanket ban on the crypto industry. 

The Russian government official leaders opened a conference video of 26 January. Video confirmed that Russia is eying on the increasing competition of increasing prices of electricity and it can bring better legislation on the crypto mining industry. 

“Of course, we also have certain competitive advantages here, especially in the so-called mining. I mean the surplus of electricity and the well-trained personnel available in the country.”

This statement, from the video, confirmed that Russia is feeling proud for its resources that are making it able to produce huge electricity at low costs. And increasing rates of electricity costs in the world may result in huge profit for the country to generate revenue. 

According to available data reports, in the spring of 2021 the cost of electricity in Russia was $0.06 per kilowatt-hour for household use and $0.08 for business. While this rate is very high in France, a kWh of electricity costs $0.2 for householders and $0.14 for business. 

Video also added that they invited the Central Bank to meet with the government so that they can further proceed to create new rules and regulations to use crypto assets. 

A similar kind of positive report came into the spotlight by the Russian finance ministry director, who stated that a ban on the crypto industry may result in a pool back for the country from technology and innovation, so the finance ministry proposed a bill to bring better regulation on this industry instead to follow ban rules. 

Read also: New Acts could give power to the US treasury to block any crypto transaction