Last updated on January 20th, 2022 at 04:35 pm
The Russian government has actively been involved in analyzing cryptocurrency, and recently the Russian State Duma decided to launch a working group that will research ways to handle and regulate the cryptocurrency mining business.
Vyacheslav Volodin, the State Duma Chairman announced on November 11th that it was high time the legislative arm of the government created a group that would handle crypto regulatory aspects.
Volodin made the announcement after the First Deputy of the Representative Committee on Security and Anti-Corruption, Andrei Lugovoy stated that there was a need for it. Andre Lugovoy is a member of the right-wing Liberal Democratic People’s Party and believes that a drastic change was necessary in the crypto mining sector.
Crypto miners, according to Lugovoy, made billions of dollars annually but did not pay any tax, which was not fair to law-abiding residents. Annually, these miners got away without paying any tax on the over $2 billion that they made annually.
Lugovoy added that,
“Due to the lack of regulation on the production of cryptocurrency, law enforcement agencies generally fall into a dead end, since they cannot establish signs of a crime in individual activities and make the necessary procedural decisions.”
The Russian Ministry of Economic Development and the Ministry of Energy believes that crypto mining is the same thing as an entrepreneurial activity.
