Media: The Ministry of Economic Development stands for the recognition of mining as entrepreneurial activity

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Izvestia, citing its own sources in the Ministry of Economic Development, the Ministry of Energy and the State Duma, reports that on the sidelines they are discussing the possibility of recognizing mining as an entrepreneurial activity.

According to the sources of the publication, it is quite possible to assign OKVED to mining and to develop regulatory documents regulating the extraction of cryptocurrencies. Legalization of such activities can benefit both the state and entrepreneurs.

Representatives of the Ministry of Economic Development emphasize that the mining of cryptocurrencies fits perfectly into the concept of entrepreneurial activity. The vast majority of miners in Russia do not pay taxes and this should be fixed.

“Recognition of mining as entrepreneurship will allow taxing income from such activities and, accordingly, increase state budget revenues,” the publication quotes the words of representatives of the Ministry of Economic Development.

Alexey Minaev, Deputy Director of the Digital Economy Development Department of the Ministry of Economic Development, noted that the recognition of mining as entrepreneurial activity will allow many Russian mining companies to legalize business. This will attract large players to the industry and, of course, the budget will benefit from it.

The initiative was also supported by Anatoly Aksakov, head of the Committee on Financial Markets in the State Duma. He noted that now the mining of cryptocurrencies is not prohibited, but it is not taxed either. And the state needs to determine the taxation procedure for such companies.

However, the Central Bank of Russia does not approve of such an initiative – officials consider the risks of legalizing the circulation of cryptocurrencies in the country too high. If mining is recognized as an entrepreneurial activity, it is necessary to regulate the work with mined digital assets. And for the Central Bank of the Russian Federation, this is unacceptable:

“The Bank of Russia does not support initiatives that promote the emergence of monetary surrogates.”

Recently, Bits.Media published a large-scale article about the prospects for cryptocurrency regulation in Russia.

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