- The Russian authorities endorse the idea of equating mining with entrepreneurship.
- The Central Bank of Russia does not conform to the idea of regulating the production of cryptos.
- The Russian government is yet to clarify its stance on mining.
Russian representatives from different ministries came to a consensus to regulate mining as a sort of entrepreneurial activity. Precisely, the Ministry of Economic Development is optimistic that the recognition of mining as entrepreneurship will enable taxing income from the creation of cryptocurrencies.
To clarify, the Head of the State Duma Committee on the Financial Market, Anatoly Aksakov, initiated the idea to register the mining of cryptos as a type of entrepreneurship. Adding on, Alexei Minaev, deputy head of the digital economy development department of the ministry states,
This is exactly the area in which the state can get its benefits in the form of taxes, and people can legalize income, big business is also more and more interested in this
Likewise, the country’s Ministry of Energy is also in support of the mining activity. However, the department asserts that the miner must report on the nature of the consumed load on the electrical system before going ahead with any connection. This is to help them monitor and prepare a special tariff for the miners that will vary from that of the Russian population.
Whilst, the Ministry of Finance noted that the issues relating to mining should be seen as a formation of a legal framework in the field of digital currencies. Conversely, the Central Bank of Russia does not conform to the idea of regulating crypto. This is due to the fact that they don’t want any monetary substitute in the country.
Just last month, the Governor of the Irkutsk Region Igor Kobzev alerted the government about ‘underground miners’ who are causing a high electricity consumption rate for the region. As a result, entrepreneurs in the region proposed to create special electricity tariffs for people involved in the extraction of cryptos.
Currently, mining has not been spelled out by the Russian authorities as prohibited or accepted. We still await to know the final verdict on the matter.