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Russian schoolchildren warned of imprisonment for cryptocurrency mining by finance official., 2026/04/10 14:49:17
Dmitry Frolov, the Deputy Director of the Financial Policy Department at the Russian Ministry of Finance, advised students against pursuing wealth through private mining, as they may face administrative and even criminal repercussions.
The senior official stated at the conference “Formation of Financial Culture and the Era of Digitalization: Cyber Literacy and Financial Security for Children and Youth” that some students are showing interest in mining and cryptocurrencies. These young individuals mistakenly believe that mining crypto assets is an easy way to become rich by simply turning on a computer and purchasing graphics cards, the deputy director noted.
“However, it is important to remember that illegal mining will lead to legal consequences in the form of administrative liability. Criminal liability is also expected to be introduced soon,” Frolov warned.
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Even large industrial companies that engage in mining professionally are operating at a loss due to the decline in Bitcoin prices and the weakness of the US dollar, the official reported. He believes that the rapid digitalization of finance is accompanied by an increase in fraud, which necessitates “enhancing the financial literacy of the younger generation” so that students can more easily recognize fraudulent schemes and learn to assess the risks associated with investing in digital assets.
Frolov also mentioned that starting in September, banking systems will begin integrating the digital ruble, with access to this third form of national currency being made available to all clients of major banks by 2027, and by 2028, the Central Bank’s digital currency is expected to enter widespread use. The official highlighted the main advantage of the digital ruble as the ability to track every transaction.
Recently, Elvira Nabiullina, the Chairwoman of the Bank of Russia, assured that the central bank’s digital currency would not be imposed on individuals. If a Russian citizen does not require the digital ruble with free transfers and minimal fees, they can simply choose not to open a special account, Nabiullina confirmed.
