Oil companies in Russia have created a project to set up cryptocurrencies near the exploited oil fields. Coin-generated data centers can be generated by the excess gas produced during oil extraction; Otherwise, it can be wasted.
Ministries and Central Bank Crypto Mining Project in the Russian Petroleum Industry
Government agencies in Moscow are currently discussing the possibility of Russian oil companies launching mining cryptocurrencies. The industry has suggested that the associated petroleum gas (APG) can generate electricity and be used in the digital coin production process.
Experts say the project could attract foreign investors, especially when Chinese officials attack bitcoin mining this year. Industrial activity is effectively prohibited in the People’s Republic and mining is not prohibited in the Russian Federation, although it is not properly regulated.
The Ministry of Industry and Trade recently asked the Ministry of Digital Development and the Central Bank of Russia (CBR) to comment on the idea, citing a letter from Russia’s Deputy Trade Minister Kommersant, quoted by Deputy Minister of Industry Vasily Shepak. Part of it is to ask the financial officer in particular whether this is a legal act.
The main law governing cryptocurrencies in Russia is the “Digital Financial Assets” Act, which came into force earlier this year. In Russia, however, additional legislation is needed regarding their distribution and related activities. The legalization of crypto mining as an industry activity was discussed in September with the chairman of the Parliamentary Finance Committee, Anatoly Axsakov, who said he was gaining support in government circles.
Citing a source close to the Ministry of Industry, Commercent said one of Russia’s largest oil companies is already working on a cryptocurrency project and wants to grow it. But this part is in the legal gray zone and the company has turned to the ministry for fear of a negative response from the central bank. [of Industry] You can discuss the risks with the supervisor, ”a knowledgeable source told the newspaper.
According to official information, Gazprom Neft is the only Russian energy giant Gazprom Neft, the third largest oil producer in the country, with a valid mining project. The company started at the Canti-Mansi Autonomous Oil Company in Tyumen Oblast. According to a January report, the oil giant was able to raise 1.8 BTC in one month. Gazprom Neft declined to comment.
Do you think the authorities in Moscow will allow Russian oil companies to issue encrypted currencies in their oil fields? Tell us in the comments section below.
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