Elina Sidorenko: “Mining in Russia to enter legal framework”

Elina Sidorenko: “Mining in Russia to enter legal framework”

According to the head of a working group on cryptocurrency exchange risk assessment at the Russian State Duma Elina Sidorenko, miners will need identification to exchange cryptocurrency for fiat money, reports CoinFox.

“There is no concept of cryptocurrency in Russia. It isn’t even a property. However, defining cryptocurrency legal status will ensure the appearance of special exchange platforms where miners will be able to exchange cryptocurrency for fiat money,” says Elina.

In accordance with the law, identification should be obligatory to conduct transactions of more than 15 thousand RUB. Nevertheless, the problem lies in making miners exchange cryptocurrency at such offices.

As Elina Sidorenko reports, authorities are interested in mining only when cryptocurrency is exchanged for fiat money. That’s why in the future, a kind of profit tax is expected. However, the State Dume hasn’t made a final decision yet. First, an appropriate legislation should be established to define the legal status of mining and cryptocurrency.

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