Anatoly Aksakov: Miners will help strengthen foreign economic ties

Anatoly Aksakov: Miners will help strengthen foreign economic ties

Anatoly Aksakov.
© Igor Samokhvalov/PG

Russian companies, under the experimental regime, will be able to purchase cryptocurrency from local miners and pay with foreign partners for supplies. At the same time, it will still be impossible to use bitcoins when buying goods and services on the territory of our country. This follows from the draft law on regulating the mining of digital currencies, submitted to the State Duma by a group of deputies. One of the authors of the initiative, Anatoly Aksakov, head of the Duma Financial Market Committee, shared the details of the innovation in an interview with Parliamentary Newspaper.

— Anatoly Gennadievich, why did they decide to legalize the miners?

– Mining is, in fact, an entrepreneurial activity, and it requires regulation, taxation, and the definition of rules for the operation of this type of business. That is why the bill was born. There will be a supervisory body that will regulate this type of activity. And the Government will determine it. The Ministry of Finance supports us. The second reason is that we came to the conclusion that cryptocurrency can still be used to pay for foreign trade turnover.

Is the legal framework ready for this or will it require clarifications in the legal field?

– One of these days, a draft law on experimental legal regimes will be introduced, which allows the use of cryptocurrencies using the Russian information system.

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– Will all Russian miners be able to use this system or are there restrictions?

– Everyone can, but for this they will have to register in this information system, get accreditation.

– Do I understand correctly that in this system, Russian companies will be able to buy crypto mined by domestic miners and pay with it for external deliveries?

– Yes exactly. But at the same time, they will be prohibited from paying for goods and services in Russia with cryptocurrency.

— And how will the miners pay taxes?

– This will be determined by the regulator, which, according to the meaning of the law, should regulate this market. So far, we assume that it will be the Federal Tax Service (FTS).

© Timur Khanov/PG

Why the FTS?

— Because it is technically and technologically very well prepared. In addition, we are more interested in this issue of taxation of activities that are not yet subject to any taxes. Again, the Federal Tax Service has enough tools to control the situation so that payments in cryptocurrency do not go between Russian subjects.

— Did the professional community react to the initiative at the stage of document development?

— Yes, we can say that the interest in the topic is huge.

— Is there an understanding of the volume of Russian mining?

– While there is no exact data, according to the media, we are talking about trillions of rubles.

What is mining

The draft law establishes the term “digital currency mining”, which refers to the activity of performing mathematical calculations by operating computing devices and software and hardware to make entries in an information system using distributed ledger technology, with the aim of creating digital currency or receiving remuneration in digital currency.

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