The Russian central bank has expressed opposition to the measure. According to a report from local news outlet Izvestia, Russia’s Ministry of Economic Development, the Ministry of Energy, and the State Duma believe that cryptocurrency mining should be licensed and controlled as an economic activity.
According to Izvestia, the Ministries and the Duma, Russia’s lower house of representatives, want crypto miners recognized as entrepreneurs. The Russian central bank, on the other hand, opposes this plan, citing the hazards linked with cryptocurrency, according to a Monday report.
According to the Center of Alternative Finance at the University of Cambridge, Russia was the third-largest bitcoin mining country in the world in August, after the United States and Kazakhstan.
According to the report, the economic ministry believes that regulation will benefit both the government and the crypto business and that crypto mining fits well within the notion of entrepreneurship in Russia’s civil code.
The institutions intend to establish a new classification system for the mining industry, which mining enterprises can use to register their businesses.
Anatoly Aksakov, chairman of the Duma’s finance committee, highlighted that while crypto mining is not prohibited in Russia, the taxes regulations remain unclear. According to Izvestia, it is important to classify the industry and establish taxes procedures.
According to the newspaper, Aksakov also suggested charging miners a higher electricity cost than other sorts of clients.
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