Russian Chambers of commerce has called for the regulation of cryptocurrency mining in the country. Sergey Katyrin, the head of Russia’s Chamber of Commerce directed a letter to the Minister of Finance. According to the letter, the Chamber of Commerce called for the recognition of crypto as a legal means of earning. The letter also emphasized that the ministry should organize educational programs about cryptocurrency.
Russian Chambers of Commerce Letter
Furthermore, The Chamber of Commerce encouraged the ministry to emulate other countries that are making fortunes from crypto. The Chamber of Commerce also called on the legislative arm of the Russian government, to look at the legal nature of mined cryptocurrency and its distribution. It also stated that the legislature should address the legal validity of cryptocurrency as a medium of exchange.
Additionally, the Chamber of Commerce noted that it is important to review the status quo about crypto in the country. The letter also expresses that there should be regulations on cryptocurrency mining and it should be taxed as well. The regulations will further warn miners against the illegal use of electricity in the country. Crypto is currently in the gray zone.
Hopeful Result of the Letter
Russia is yet to follow the trend of notable countries in the world by addressing cryptocurrency regulation. Nigeria for example has banned cryptocurrency exchange in the country. The United States of America is working on an executive order to regulate cryptocurrency. Recently, India proposed a 30% tax rate on cryptocurrency earnings.
However, Russians hold up to $214 billion of cryptocurrency, accounting for almost 12% of the overall worth of global holdings. Up to 11% of the country’s population are cryptocurrency holders. The industry is the Fifth most invested in Russia, ranking above Gold, Stocks, and Shares. The Chamber of Commerce started in the letter that it is ideal for the government to study the view of countries that don’t see crypto as a means of payment.
Late last month, Russian stakeholders accepted to create a guideline for regulating cryptocurrency. President of the country, Vladimir Putin also beseech parliamentarians to reach an agreement about the increasing debate surrounding cryptocurrency.
Lastly, The Chamber of Commerce call is an eye-opener for concerned stakeholders in the country. The letter should serve as a headlight for future regulatory bills on cryptocurrency.