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Russia is now trying to legitimize crypto mining

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Will Russia turn crypto mining into a form of business that will follow local business laws? It will probably happen in January, according to Anatoly Aksakov.

Anatoly Aksakov is the chairman of the Russian State Duma Committee on Financial Markets. He claimed that local lawmakers in the country are seeking to legitimize crypto mining as soon as possible, and it could be very profitable for Russia.

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“As this [crypto mining] is a type of entrepreneurial activity, it is obviously necessary to include it into the state register, to regulate it as a type of entrepreneurship under an appropriate code, and impose relevant taxation.”

The Russian government is already working on a few legal measures and other regulatory steps related to crypto. It won’t be long before bills for virtual currency mining, transaction taxation, and crypto issuance reach the parliament. 

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“We still need to discuss what digital currency actually is, although we call it currency, it is rather used as a financial instrument, or a financial asset that is a subject to investment, rather than a means of payment.”

Russia appears to be very open to cryptocurrency mining, but we can’t say the same thing about crypto payments.

President Putin’s press secretary revealed his thoughts about El Salvador’s Bitcoin Law. Dmitry Peskov believes that Russia is not open to adopting Bitcoin as legal tender. The move wouldn’t bring any benefits to the state and described the virtual asset as a quasi-currency.

“Clearly, Russia is not ready for such steps.”

We followed, but not behind.

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