Information publication Izvestia, today, November 8, with reference to its sources in the government, reported that the Ministry of Economic Development, the Ministry of Energy and the State Duma agreed that the mining of cryptocurrency should be recognized as a type of entrepreneurial activity. The fact is that mining really perfectly fits the definition of “Entrepreneurial activity” from the Civil Code, which means that it should be assigned OKVED, and then regulate the taxation procedure. The government believes that it will benefit the state.
“Recognition of mining as entrepreneurship will allow taxing income from such activities and, accordingly, increase state budget revenues,” the Ministry of Economic Development noted.
This step is also necessary for the reason that several large companies are planning to launch their projects for the extraction of cryptocurrency in Russia at once, but at the same time there are no regulations, taxation system or special cost for electricity in this case. Large farms, according to ministry officials, pay the same price for electricity as ordinary users, although their consumption is practically on an industrial scale. Probably, if mining is equated with entrepreneurship, then the price of electricity for this type of business will be higher.
On the other hand, not everyone is enthusiastic about the legalization of cryptocurrency and its production. For example, the Central Bank said that the initiative is not supported, focusing on the impressive risks of cryptocurrency turnover in the country.
“The Bank of Russia does not support initiatives that promote the emergence of monetary surrogates,” the Central Bank said.
But, given that this issue has been raised earlier, the likelihood of a positive decision on this issue is very high – mining is a huge financial sector, which, according to experts and specialists, needs regulation.
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