Putin’s internet ombudsman pessimistic about crypto regulation

Putin’s internet ombudsman pessimistic about crypto regulation

Despite Russian officials’ increasing interest in cryptocurrency like Bitcoin (BTC), Russia’s internet ombudsman stated confidence that local crypto regulations would remain largely restrictive.

Dmitry Marinichev (Russia’s ombudsman to protect entrepreneurs’ rights under Russian President Vladimir Putin) discussed Russia’s approach towards cryptocurrency regulations during a panel at Blockchain Life 2021 on Wednesday.

Marinichev stated that Russia will maintain a strict stance on cryptocurrency because it doesn’t want Russians making money with Bitcoin.

“I am certain that Russian crypto policies are going to be prohibitive. No one wants to let Russians make money from crypto operations, and no one will allow them to pay with any other currency than ruble. This is something you need to know.

Marinichev also claimed that Russian crypto laws, which include the first-ever crypto-focused law in Russia, “On Digital Financial Assets,” are not related to individual investors. They were adopted because of the strong demand from big business and state-backed businesses.

The DFA law targets only large companies and does not affect the industry. The ombudsman claimed that it has not affected ordinary people or enthusiasts in the blockchain and crypto industry. He noted that Russia’s energy costs are not attractive to crypto miners and claimed that the United States has “the cheapest electricity” in all of the world.

In 2014, President Putin appointed Marinichev as Russia’s Internet Ombudsman. The official was involved in crypto industry and suggested that Crimea residents could use cryptocurrencies in 2017. The official also planned to transform his Russian Mining Company metal factory into a crypto mining plant in 2019, hoping to mine 20% of the world’s Bitcoin.

Related: RACIB chief says Russia does ‘absolutely Nothing’ to regulate crypto

Marinichev’s comments on Russian crypto regulations come as the country’s local governments become increasingly interested in crypto. Some ministries have proposed to mine Bitcoin using associated gas. The Russian government is still skeptical about Bitcoin, even though it has proposed to mine Bitcoin with associated gas.

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