Russia – Registration for Cryptocurrency Miners

The Russian Finance Ministry has put forward a proposal and if this is successfully put in action, then all the cryptocurrency miners will have to be registered and all the transactions from these cryptocurrencies to actual roubles will be done by the banks.

Legalizing Crypto Currency Miners
Yana Pureskina the Director of the Financial policy Department, said that all the cryptocurrency issuers who are also known by the name miners, will have to be registered legally before they can issue these cryptocurrencies. Also, all the sites that deal with the transfer of the currencies and their exchange to cash or other forms of digital money will have to be registered.

She also said that the aim of the registering process is to limit the number of people who can issue such cryptocurrency. This is to make sure that the rights of the market’s participants are protected. Also, another aim is to control money laundering and funding for terrorist activities.

Some Other Proposals That Came Up
Martin Shakkum said that the registration and legalisation are important because all those who deal with these cryptocurrencies do not pay taxes.

He also proposed that only the banks should be legally allowed to exchange these cryptocurrencies for actual cash or non-cash money. This is to make sure that all the transactions involving these cryptocurrencies are transparent and hence the government will be able to monitor the owners. Martin Shakkum is the Chairman of the State Duma committee on industry construction and High technologies.

An Opposition to the Legalisation of the Cryptocurrency
Sergey Shvetsov said that all these cryptocurrencies and their derivatives are not good for the growth of the Russian economy and said that the bank did not support the idea of legalising the cryptocurrency as a legal method of payment in any manner.

But he also said that the bank welcomes the idea of imposing any kind of restrictions on the sites that conduct transactions in cryptocurrencies. Sergey Shvetsov is the first Deputy Governor of the Bank of Russia.