December 11, 2017, 09:12 / Finance / News

In Crimea, they spoke in favor of creating a mining site on the peninsula

Crimea can become a platform for cryptocurrency mining, subject to compliance with the law, the head of the development corporation of the republic, Oleg Morozov, said in an interview with RIA Novosti.

“Crimea can become one of the territories for the development of crypto platforms, if this does not run counter to current legislation,” Morozov said.

Earlier, RIA Novosti reported on the plans of the Russian Association of Cryptocurrency and Blockchain, together with the Constant Solutions Plus company, to launch an investment project in Sevastopol to create a crypto platform.

Earlier, Deputy Prime Minister and Presidential Envoy to the region Yuri Trutnev proposed using excess energy capacity for mining in the Far East. And State Duma deputy Boris Chernyshov proposed creating a city in Siberia for the extraction of digital money, RT reported with reference to the parliamentarian’s letter to the Ministry of Industry and Trade and the Ministry of Telecom and Mass Communications. Siberian cities are ideal for developing blockchain technologies, in turn, Sergei Gorkov, Chairman of the Board of Vnesheconombank, said in an interview with Izvestia.

Now the Bank of Russia and the Ministry of Finance are developing a bill to regulate cryptocurrencies on the Russian market. It is planned to define the status of cryptocurrency, the concepts of blockchain, token and smart contract, and develop requirements for mining and ICO.

Until December 20, the Central Bank will submit proposals for creating a “sandbox” for testing these financial technologies. Legislative norms on the regulation of cryptocurrency must be enshrined by July 1, 2018.

According to the draft law being developed, the use of cryptocurrency as a means of payment may face administrative liability, and the creation of digital money specifically for settlements may face criminal liability, Deputy Minister of Finance Alexey Moiseev said last week.