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Russian Duma wants to regulate crypto mining


Russian Duma wants to regulate crypto mining. Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market of the Russian Federation, considers it necessary to hold discussions in order to clarify the definition of both the concept and regulation of the digital currency.

According to him, crypto mining “obviously” needs to enter into the register, assign it the appropriate code and introduce taxation.

The law of cryptocurrencies taxation

Speaking about the areas where there will be changes in the legislation in the field of digital currency regulation, such as taxation of the digital currency itself and operations, the chairman noted issues related to crypto mining, with the issuance of digital currency.

The bill on taxation of digital currencies adopted in the first reading – “in fact, cryptocurrencies”, will bring changes in relation to digital currencies in Russia. Anatoly stated this.

Digital currency as a financial instrument

Aksakov also noted that there is confusion in the use of terms. “There is a digital currency of the Central Bank. And there is a digital currency. What is actually probably understood as a cryptocurrency. And it is necessary to clearly define the difference between these concepts so that there is no confusion”. That was the member of the State Duma said.

In addition, Russian economist considers it necessary to hold discussions in order to determine a clearer definition of the concept and regulation of cryptocurrency. “We still need to discuss the fact that the digital currency actually exists now. Although we call it a currency. We rather use it as a financial instrument. As a financial asset that is an object for investment, and we do not use it as a means of payment,” he added.

According to him, it is also necessary to register the work of the Central Bank with the digital ruble. In other words, to legalize their rights in connection with the issue of these rubles and maintaining turnover.

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