Mining Becomes More Popular in Russia

Number of entrepreneurs engaged in crypto currency mining increased by 15% in Russia in the first half of 2018. The industry involves more than 350 thousand Russians and 75 thousand companies now.

Russia’s share of the world mining market is 6%. According to Yury Pripachkin, the president of the Russian Association of Cryptocurrency and Blockchain (RACIB), the number of owners of crypto currency in the country over the past six months increased by 500 thousand people – up to 3 million.

The expert has also outlined the risks of the lack of regulation of the crypto-currency industry and believes that Russia may miss out the opportunity to become a financial leader in this field.

“Russia will be dependent on other countries for digital rights, since the infrastructure for processing these rights is already being actively implemented abroad, Russia has not yet formulated its position about mining,” the president of the Russian-Armenian Institute of Strategic Studies said.

According to the association, the top five countries in terms of the volume of crypto currency trading are Malta, Belize, Seychelles, the United States and South Korea. The largest number of exchanges is in the UK, Hong Kong, the US, Singapore and Turkey.

The State Duma of the Russian Federation will consider a package of crypto-currency bills this autumn. According to the head of the State Duma Committee for Financial Market Anatoly Aksakov, officials need to study the complicated issue of crypto currencies and determine what is really important to regulate in the first place.

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