Russia may impose a tax on the fact of converting cryptocurrencies into rubles

The Ministry of Economic Development of Russia proposed to allow the mining of Cryptocurrency in regions with a steady surplus of electricity generation and introduce acceptable tariffs for its use for companies. This will avoid the risk of a lack of capacity to supply housing and industry in other territories, the press service of the ministry said.

It is proposed to establish reduced prices for connecting mining farms and data processing centers to energy sources, as well as low tariffs for the Federal Grid Company, that is, for the use of electricity itself.

In addition, the extraction of cryptocurrencies should be recognized as a commercial activity and taxes should be levied upon the exchange of cryptocurrencies into rubles, following the example of the system in Japan and Germany, the Ministry of Economics added.

They voiced another proposal: to introduce a threshold for the use of electricity by individuals. Its excess will be a signal for the implementation of mining by consumers and the establishment of a higher tariff for them, as for a business.

The Ministry of Energy supported the introduction of regulation of cryptocurrency mining. However, the Central Bank advocated a ban on mining and the circulation of digital currencies.

Taxation shows the introduction of cryptocurrencies into the legal field, and this is a positive step, said Vladimir Ananiev, an analyst at Exante investment company. Mining tax can be 20% of profits for large companies, of which 18% will go to the region's budget. In this case, the recognition of an asset should take place at the time of conversion.