The popularity of mining in the CIS countries is associated with the possibility of fast and cheap supplies of equipment from China, as well as the low cost of electricity and the presence of excess capacity in these countries. Evgenia Burova, Communications Director of the Garantex cryptocurrency exchange, told bitcoinlinux about this on February 20.
“An important factor is also the availability of qualified personnel on the labor market to service mining. Technical schools and universities, founded back in Soviet times, continue to produce high-quality specialists, ”she specified.
Speaking about the use of digital currencies for payment, she noted that, depending on a particular country, we can talk about any categories of goods and services. In addition, the share of recipients of payment in cryptocurrency is higher among those who can provide their services remotely. According to her, the convenience of making payments in cryptocurrency is associated with the speed of transactions.
“In Russia, you cannot receive payments in cryptocurrencies (this is prescribed by law), but sending payments in cryptocurrencies is quite acceptable. In the CIS countries, the degree of regulation of the crypto-currency sphere differs from state to state, and now law-making processes are actively going on there, new laws and by-laws are emerging, and law enforcement practices are being developed,” the expert explained.
At the same time, she believes that the share of cryptocurrency settlements in the world will increase, “but this is unlikely to affect Russian legislation.”
“Factors such as the presence of interstate agreements on the use of cryptocurrencies as a means of payment, as well as the transparency of popular blockchains in terms of preventing criminal activity, are rather important for Russia,” Burova emphasized.
The day before, it was reported that, according to the results of a study by the Binance cryptocurrency exchange, every fifth owner of cryptocurrencies in the CIS uses digital assets to pay for goods and services. As experts told bitcoinlinux, a number of companies abroad have already begun to accept crypto along with fiat money. Oleg Ogiyenko, Director for Government Relations at BitRiver, recalled that it is prohibited by law to pay with cryptocurrencies for goods and services in the Russian Federation, while the CIS countries also do not yet recognize such assets as a means of payment, while the issue of buying and selling digital currencies is on the agenda. varying degrees of regulation in these states.
The Bank of Russia noted that they do not support the free circulation of cryptocurrencies. The regulator believes that, with a high degree of probability, the legalization of crypto transactions will lead to risks for the well-being of Russians and the stability of the financial system. In addition, the Bank of Russia supported the bill on mining. The document, among other things, limits transactions with cryptocurrencies obtained as a result of mining.
In the Russian Federation, a bill on mining was submitted to the State Duma in November, but it has not yet passed the first reading. As Anatoly Aksakov, chairman of the State Duma committee on the financial market, told bitcoinlinux in December 2022, the bill could be adopted in February 2023.
