Does Russia Tax Mining?
According to the chairman of the Russian Financial Market Committee, Anatoly Aksakov, mining should be registered and taxed like other economic activities in the country. Changes in the perception of cryptocurrency mining will not only increase revenues to the Treasury, but also allow for greater control over mining.
"Since this is a type of economic activity, it obviously needs to be entered in the register, given the appropriate code and taxed," Aksakov said this week at the Moscow Finance Forum.
Russia is preparing changes to the law that will also apply to cryptocurrencies. The Duma has already adopted the law on the taxation of digital currencies in first reading. Anatoly Aksakov also pointed out that the currently defined term "digital currency" creates confusion and prevents its correct use. The concept of "digital currency" can be interpreted in two ways - referring to the digital currency issued by the Central Bank of Russia (CBDC) and as one of the cryptocurrencies.
According to the chairman, there should be a clear line between these concepts. Cryptocurrencies can be used as financial instruments and assets for investment purposes, but the government has not yet made it possible to consider them as tender. Resolving this issue requires further discussions on digital currencies and their place in law. At the end of last year, information appeared about the preparations of the Central Bank for the digitization of the national display currency. The CBDC prototype is to be released by the end of 2021.
"Crypto Mining Should Be Registered and Taxed in Russia, Financial Market Committee Chair Says" https://news.bitcoin.com/crypto-mining-should-be-registered-and-taxed-in-russia-financial-market-committee -chair-says /
