In Russia, where interest in Bitcoin and cryptocurrencies is increasing, there was talk of banning cryptocurrencies for a while, but now the legalization of crypto currency mining is on the agenda.
After China’s ban on Bitcoin and cryptocurrency mining, some of the miners looking for new fields settled in Russia, which prompted the Russian authorities.
According to the local news agency Izvestia, the Russian Ministry of Economic Development and the Ministry of Energy stated that they want cryptocurrency mining to be legalized.
Crypto Mining Should Be Legalized!
Ministry representatives stated that crypto money mining should be recognized as an area of activity and necessary regulations should be made in this area.
While Russia’s lower house of representatives, the Duma, supports the Ministries in this regard, the Central Bank of Russia does not, citing crypto-related risks.
In Russia, which ranks 3rd after the USA and Kazakhstan in crypto mining after the bans of China, ministry officials think that the country will both gain a great profit and benefit the miners by making a regulation on this issue.
Institutions state that a new classification code will be created to register companies operating in this field.
There is Tax Uncertainty!
Anatoly Aksakov, head of the finance committee of the Russian lower house Duma, said that crypto mining is not banned in Russia, but there is uncertainty about taxation rules.
Aksakov stated that the important point here is to create a classification code for the mining industry and to determine the taxation rules.
Russian President Vladimir Putin’s comment about cryptocurrencies, “Cryptocurrencies have value” during Energy Week, prompted Russian ministries to work on this issue.
In the past months, it has been discussed whether Bitcoin mining can be done with the energy from oil gas in Russia.