The Central Bank did not support the project on mining of cryptovite from its "sandpit".

   The Bank of Russia considered the project unreasonable due to high risks of money laundering and inconsistency of the service with the state policy in the sphere of crypt currency regulation.

The Central Bank of Russia refused to launch the National Mining Pool (NMP) project to the Association of Blockchain Technology Developers and Users (RAKIB). The project provided for the possibility of collective mining of cryptocurrencies for efficient use of electricity, a representative of the Association told RBC-Crypto.

Dmitry Dubynin, Acting Director of the Financial Technologies Department of the Bank of Russia, said that the Financial Market Development Committee had recognized the RBK Pool project as inexpedient due to high risks of money laundering and inconsistency of the service with the state policy in the field of cryptocurrency regulation.

The President of RACIB Yuri Pripachkin informed that all settlements with the participants of the project are made in national or foreign currency in accordance with the Russian legislation, and the possibility of possession or use of cryptov currencies on the territory of the country is completely excluded by the participants. The RAKIB states that the economic effect from the implementation of NRM will exceed $2 billion in the Russian economy in the first year, at the same time there will be no need in state investments or attraction of budget financing.

"The same cryptoruble, all this may well work. New investments will also come to the country, investors will exchange Bitcoins and introduce them into the Russian economy, which currently has no Western money. There is only money that the government gives. For some reason, the central bank turns a blind eye to this. Probably, they don't need it, they already have enough money," said Alexander Brazhnikov, Executive Director of RKIB.

If the project was approved, the NMP miners could legally sell the extracted cryptovolta in Russia and pay taxes to the treasury. At present, it is necessary to search for illegal exchangers, or to withdraw cryptovalue through foreign services, respectively, taxes go to other jurisdictions.

In this case, it would be beneficial for miners, for example, from China, to come to Russia, because here the withdrawal of cryptovalue would be legal and cheaper. The NRM may operate without the approval of the Central Bank, but the banks fear that in this case they may be deprived of their license for their connection with the crypt currency.