Russian newspaper: Oil companies propose to use fields for cryptocurrency mining

Russian oil companies have offered to use equipment in their fields for cryptocurrency mining. The project was sent for consideration to the Ministry of Industry and Trade, the Ministry of Digital Industry and the Central Bank of Russia, according to the Kommersant newspaper, Report informs referring to TASS.

The project may be of interest to foreign investors, primarily from China, where mining is prohibited, experts say. In Russia, however, the law regulating the procedure for the circulation of digital currencies has not yet been adopted.

According to the newspaper, the project involves the use of associated petroleum gas to generate electricity in order to supply nearby data processing centers (DPCs) needed for mining. The Ministry of Industry and Trade asks the Central Bank to inform whether such an idea is legitimate.

The Ministry of Industry and Trade told Kommersant that the project was proposed by market participants and is being discussed with regulators. In accordance with the law on digital financial assets, the procedure for the circulation of digital currency must be regulated by separate laws. The Central Bank told the newspaper that approaches to regulation are being discussed.