Russian Central Bank Rejects Cryptocurrency Mining on Regulatory Sandbox
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The Central Bank of the Russian Federation halted the launch of the national mining pool called "Mine Russia," project proposed by the Russian Association of Cryptoindustry and Blockchain (RACIB), a large Russian media group RBC has learned.

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The financial regulator reportedly refused to give a greenlight to the NMP due to the high risks of money laundering, as well as the inconsistency of the service with the formed state policy in the field of cryptocurrency regulation.

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The Association asked the bank to explain what exactly in the description and implementation of the project indicates high risks of criminal activity, as well as to explain how the project may not comply with the state policy in the field of the digital economy.

In December 2019, the Bank of Russia began testing stablecoins in the regulatory sandbox.

Back then, the head of the bank, Elvira Nabiullina said that the financial regulator through the sandbox is watching how stablecoins can work, even though the bank assumes that this type of digital assets will not function as a means of payment or become a money substitute.

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