The Economy Ministry proposed allowing mining in regions with a permanent surplus of electricity generation.
Russia's Ministry of Economic Development recently put forward a proposal to explicitly legalize and tax bitcoin mining in regions with an electricity surplus. According to this, Bitcoin mining, which operates in a legal gray area, should be recognized as a “commercial activity” and taxed once the coins are converted into rubles.
Regulation of circulation and issuance of digital currencies in Russia has been actively discussed since the publication of a Central Bank report on this topic on January 20. Among other things, it proposes a complete ban on the mining of cryptocurrencies. At the same time, the Ministry of Finance is preparing legislative proposals to control mining and is discussing the taxation of cryptocurrencies as real estate, ie the introduction of an income tax.
The Bank of Russia announced on Tuesday that testing of the CBDC has started and the first digital ruble transfers between people are taking place.
Three of the 12 financial institutions participating in the Bank of Russia's CBDC pilot program have already implemented the digital ruble in their systems. Two of them have even performed a “full cycle of digital ruble transfers between clients using mobile banking apps.”
Some large state-backed financial institutions in Russia have recently backed the idea of regulating cryptocurrencies in the country. Anatoly Popov, deputy chief executive officer of Russian banking giant Sber, has reportedly advocated regulating the industry rather than banning it. He said:
“Our position aligns with the government's position that cryptocurrencies should be regulated, not banned. Effective regulation is needed that allows citizens and organizations to legally acquire cryptocurrencies while respecting anti-money laundering (AML) mechanisms and taxes.”
While bitcoin has slipped to around $42,000 levels over the past few days, it has not given back all of the gains it had made since the $32,950 bottom on Jan. 24.
Some investors also point to relatively quiet trading at a time of high geopolitical tensions, when Russia has stationed more than 100,000 troops near Ukraine, although it dismisses Western prophecies of an invasion as "hysteria."
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