Russia’s Chamber of Commerce and Industry suggested equating mining with entrepreneurship

A letter with this initiative was sent by the department’s head to the Ministry of Finance

03.02.2022 - 12:40

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What’s new? Sergey Katyrin, head of the Chamber of Commerce and Industry (CCI) of Russia, came up with an initiative to equate cryptocurrency mining with entrepreneurial activity. He sent a letter with this proposal to the head of the Ministry of Finance Anton Siluanov, TASS reports.

Material on the TASS website

What did Katyrin write about? According to the head of the CCI, the authorities should determine the legal status of digital assets. To do this, they should study the experience of states in which “cryptocurrency is a digital representation of value and is not a means of payment, and the exchange of cryptocurrency for goods is treated as a barter transaction.”

Defining the status of cryptocurrency and equating mining with entrepreneurship will allow excluding the asset and its mining from the “grey zone,” Katyrin added. These actions will also provide an opportunity to ensure the payment of taxes to the budget and “relieve tensions over the illegal use of electricity.”

What had happened before? Earlier was mentioned that on January 28 a meeting was held with Deputy Prime Minister Dmitry Grigorenko to discuss options for the development of cryptocurrencies in Russia. By February 11, the departments will prepare several scenarios for the regulation of digital assets. The Central Bank and the Ministry of Finance agreed that a private currency will not be able to become a legal means of payment in Russia.

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