The Ministry of Finance of the Russian Federation considers it possible to legalize mining and circulation of cryptocurrencies in Russia. This was announced during a briefing by the head of the department Anton Siluanov, RIA Novosti reports.
According to Siluanov, it is impossible to ban cryptocurrencies, as the Central Bank of Russia proposes to do. “This is the same as banning the Internet, which is impossible,” the minister said.
According to Siluanov, the department’s specialists are currently analyzing the experience of other countries in the field of mining and cryptocurrencies. He noted that there is no final decision on this issue yet, but the ministry is already thinking about how transactions with cryptocurrencies could be taxed.
The agency also advocates the legalization of the exchange of cryptocurrencies for rubles. According to Siluanov, the law on cryptocurrencies will be adopted before the end of this year.
Earlier it was reported that the Ministry of Finance of the Russian Federation is considering the possibility of applying a transitional period for individuals when introducing taxation of income from operations with cryptocurrencies.
Recently, the government approved the concept of legislative regulation of the circulation of digital currencies in Russia. According to it, the circulation of cryptocurrencies will be brought out of the shadows and integrated into the country’s financial system. Thus, the state will be able to control the cash flows revolving in the industry.
It is assumed that only banks with a universal license that have the right to conduct operations for opening and maintaining bank accounts of individuals and legal entities will be able to organize the exchange of cryptocurrencies. Crypto exchanges will be required to work through Russian legal entities and comply with the requirements of the federal law “On countering the legalization (laundering) of proceeds from crime and the financing of terrorism.” Russians will be able to legally purchase and sell cryptocurrencies on only those foreign exchanges that have a representative office in Russia and have made technical integration with the system of the Russian organizer of the digital currency exchange system.
