Deputy Prime Minister Alexander Novak believes it would be advisable to legislate cryptocurrency mining

​Russian government proposed legalizing cryptocurrency mining

21.03.2022 - 13:30

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1 min

What’s new? Russian Deputy Prime Minister Alexander Novak believes that cryptocurrency mining should be fixed in Russia at the legislative level as a type of activity. He added that such a decision will allow for the legalization of mining and the levying of taxes in this sector. Novak said this at a meeting with the LDPR faction, TASS reports.

Information on the TASS website

What does the Deputy Prime Minister say? Novak stated that legalizing cryptocurrency mining will allow regulating the industry. He added:

“My personal opinion is that, in principle, it is necessary to legalize, to put it into the system of tax relations. We have spare capacity. It is important that it be fixed at the legislative level.”

What had happened before? In January, Vladimir Gutenev, Chairman of the State Duma Committee on Industry and Trade, stated that cryptocurrency mining farms in Russia should not be banned. According to the deputy, such enterprises can be preserved, subject to strict control by the regulatory authorities.

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