The concept of mining taxation in Russia

  • 11:20 Nov 16, 2022
The concept of mining taxation in Russia

During the CCI (Chamber of Commerce and Industry) meeting were discussed the issues concerning the development of cryptocurrencies.

Igor Runets, CEO of BitRiver and Chairman of the Mining Commission, highlighted the main criteria, in his opinion, should be implemented. He also put forward a proposal on the taxation of cryptocurrency mining.

First of all, Runets believes it is important to allow the circulation of digital currencies in Russia, as it will help to calculate the tax base and ensure control. For example, for this purpose, an experimental regime for settlements in foreign trade may be introduced.

Igor Runets noted that the further development of the industry will be facilitated by an open system of taxation of miners on the principle of the difference between income and expenses. In general, the head of BitRiver believes that this issue is related to everything that happens in international markets, as at the moment, miners from Russia are not able to conduct operations in foreign jurisdictions.

On this basis, Igor Runets put forward a proposal to create local ecosystems where exchange between miners and other participants of foreign economic activity would be available under the control of regulators.

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