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21 Mar, 2022 15:16

Russia should consider legalizing crypto mining – deputy PM

The activity could be regulated and taxed, Alexander Novak suggested
Russia should consider legalizing crypto mining – deputy PM

Legalizing cryptocurrency mining and introducing legislation to make it a business activity in Russia would make sense, Deputy Prime Minister Alexander Novak said on Monday.

“My personal opinion is that we should legalize it and introduce it into the tax system. We have capacity for that. It is important to have a legislative framework for it,” he said. Earlier, the Energy Ministry had said that miners should be charged an adequate fee for connection to power and consumption.

Russia’s Finance Ministry in February submitted draft legislation tailored to fill the regulatory gaps in the country’s crypto space. Under the proposed law, the use of cryptocurrencies as a means of payment would remain prohibited and the digital coins would be regarded mainly as an investment tool. The Bank of Russia suggested earlier this year that cryptocurrency mining should be banned, citing possible risks for the country’s economy.

Sanctions imposed on Russia following its military operation in Ukraine have cut the country off from the Western financial system, frozen its assets abroad, and banned imports of dollar- and euro-denominated currency into the country. This has forced Moscow to find alternative currencies for trade with its partners.

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