Bitcoin miners divided over whether to continue mining as Russia rules are still undecided

Golden Finance News - In Russia, Bitcoin mining is considered legal, but buying and selling these mined cryptocurrencies may result in imprisonment.

Recently, Russia announced the legal status of Bitcoin in the country. Image source: Golden Finance

Recently, Russia announced the legal status of Bitcoin in the country. However, just when the cryptocurrency community was overjoyed and wanted to celebrate with champagne, news came that Bitcoin mining might be considered a crime and even lead to imprisonment. As a result, many people began to pay attention to the statement of the Russian Central Bank at a recent Bitcoin policy conference.

——According to relevant media reports, Elina Sidorenko, head of the cryptocurrency working group of the Russian State Duma Central Bank, pointed out at the Russian Blockchain-Bitcoin Conference that Russia is currently actively formulating relevant laws and regulations on cryptocurrency, among which the mining of cryptocurrency is recognized and regarded as completely legal. However, it should be noted that legal mining does not mean that the sale of mined Bitcoins is also legal.

Bitcoin mining is legal because miners have to pay for the resources they use when mining. Image source: Golden Finance

- Sidorenko explained that mining Bitcoin is legal because miners have to pay for the resources they use when mining, and there are clear laws in place. However, if miners try to sell the Bitcoins they have obtained, then this will violate several laws. If a miner wants to sell the Bitcoins that he has "legally mined", then he must open a company with a relevant exchange license, but unfortunately, this is impossible according to the current Russian corporate law.

The publication by the media also quoted an interesting explanation in which Hidorenko compared mining to daily behavior.

"You can do push-ups while brushing your teeth, or just push-ups without brushing your teeth. But you can tell everyone you did it, and as long as you don't show that your teeth are dirty, the truth will not be exposed. It's the same principle as whether to sell the mined Bitcoin. Because the choice is all yours, as long as you don't take the cryptocurrency to the exchange platform or related market, then you are as spotless as my whistle. Some people ask us how we will treat those upstart companies. My answer is simple, treat them no differently than we treat hosiery companies."

By legalizing Bitcoin, Russia can eliminate potential cryptocurrency money laundering activities, while also incorporating it into the country's tax collection network and increasing government revenue.

In the coming days, Russians can expect changes in the Russian government's laws on finance, currency, etc. By then, cryptocurrencies may become legally recognized regional currencies. As for whether miners can find a way out of their predicament from these new laws, we will have to wait and see.