MOSCOW, February 3. /TASS/. Head of the Russian Chamber of Commerce and Industry Sergey Katyrin sent a letter to Finance Minister Anton Siluanov with a proposal to make mining equivalent to business in order to move it out of the ‘gray zone.’ A copy of the letter is available with TASS.
"It seems necessary to make significant revisions to current legislation and also to hammer out a range of new regulatory acts that will determine in particular the legal status of the mining as a kind of business activity, making it possible to exclude this activity from the ‘gray zone,’ ensuring relevant tax and other compulsory payments. In addition, this will make it possible to defuse tension on matters of illegal electricity use," Katyrin said in the letter.
The Chamber chief suggests further determining "the legal status of cryptocurrency produced by miners and its further circulation" and "the legal status of cryptocurrency as a payment instrument." He stressed that the status of the Russian ruble as the national currency "should not be doubted." "However, it is practical to study the experience of countries where cryptocurrency is a digital expression of value and is not a means of payment, while cryptocurrency exchange for goods is treated as a barter transaction," Katyrin added.
At the same time, "it is reasonable to develop a clear-cut position by the Russian banking sector when servicing individuals, whose financial transaction can be viewed as transactions of money investing into/withdrawing from cryptocurrency," he said.