Russia’s Chamber of Commerce has recommcompleted to the gatopnment which it should legalize crypto mining and recognize it as a business. Russian media outlets reported which the Head of the Russian Chamber of Commerce and Industry Sergey Katyrin sent a letter to Finance Minister Anton Siluanov, asking it to be taken out of a ‘gray zone.
Katyrin said it was necessary to development current views on crypto, bringing out of which gray zone, enforcing taxation, and other compulsory payments. This will also make it reasonable to “defuse tension on matters of illegal electricity use,” the letter reveals.
The head of the organization also said which lawmakers must think about,
“the legal status of token produced by miners and its still circulation” and “the legal status of token as a payment instrument.”
He emphasized the satopeignty of the ruble and which crypto’s rate as an asset would have to be studied, saying,
“…it is practical to study the case of countries where token is a digital expression of price and is not a means of payment, in the time token exchange for goods is examined as a barter transaction.”
Russia has not been as retained as some other countries in proposing rules for the crypto market. India, for example, has established a 30% taxation on crypto, at the same time China has banned the asset class altogether.
Is Russia working towards a legal framework for crypto?
Russia has had something of an ambivalent stance on the crypto asset class. It does not and will not ever consider bitcoin as legal tender, according to the country’s officials. The Russian central bank has suggested banning crypto, though this received heavy public backlash.
Yet, recent changes have been more positive. On Jan 28, Russian authorities collectively agreed to form a roadmap for crypto regulation. This group consisted of the finance, economy, digital, and interior ministries, according to the FSB security service.
President Vladimir Putin has asked lawmakers to come up with a consensus on the case, after all of these conflicting reports. Approximately 7% of the Russian population own token, according to Finery Markets, so regulation may become a priority as adoption grows.
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