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Central Bank of the Russian Federation: Mining is a kind of entrepreneurship and requires taxation.


In a recent interview with Rossiyskaya 24, the deputy head of the Central Bank, Olga Skorobogatova, said that the country's chief financial regulator sees mining as an entrepreneurial activity rather than a process of producing a digital currency.

According to her, in the course of mining a number of complex mathematical calculations are performed on the basis of blockchain technology, which ensures the acquisition of the material value of a crypto-currency transaction. Because the blocks of information produced in this way require, for their application and realization of their potential, a certain infrastructure and are used for profit, then, undoubtedly, mining falls under all the signs of entrepreneurship. In this regard, the mining activity, in accordance with the current Russian legislation is subject to mandatory state registration and taxation. Skorobogatova specified that legal entities and individual entrepreneurs fall under the scope of such legislative norms. Who are planning to profit from this kind of activity.

It is worth recalling that recently the work of all state regulators of the financial sector in the Russian Federation has become more active in the context of ensuring the normative provision of crypto-currency activities. This is primarily due to the recent assignment of President Putin to develop sectoral legislation before the summer of 2018.

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