Russian Central Bank Pushes For ‘Professional’ Miners Taxation

News and Analysis

The deputy head of Russia’s central bank Olga Skorobogatova has stated that cryptocurrency mining as a business has to be registered and taxed.

The official insists that mining is more than just production of cryptocurrencies.

“Mining is validation of transactions that are represented as blocks on the blockchain. Validation is carried out by finding complex mathematical formulas, and it requires a serious infrastructure, so we think it’s a business. And, being a business, it has to be registered and subject to taxation,” Skorobogatova said.

According to Skorobogatova, the taxation will cover both companies and individual entrepreneurs.

Earlier, Russia’s ministry of finance has issued a statement suggesting that no special taxation is needed for bitcoin/fiat exchange operations.

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