Chamber of Commerce in Russia urges government to admit crypto mining as business

Russia’s president, Vladimir Putin, had recently backed a proposal from Russia’s government to impose tax and control the mining of cryptocurrencies and refused the central bank’s plan to ban it. 

Russian news outlet Tass reported Sergey Katyrin, the chairman of the Russian Chamber of Commerce and Industry, has written to Finance Minister Anton Siluanov asking that crypto mining be elevated to the status of a company and thus lifted from the “grey zone.

The Chamber of Commerce and Industry emphasized that the Russian ruble’s position as the country’s official currency should not be questioned at any time.it also noted it is useful to examine the experiences of countries where digital assets is considered a digital representation of value rather than a payment method and where the exchange of crypto for products is viewed as a transaction.

Former Russian president Dmitry Medvedev had raised concerns arguing that Russia’s crypto ban would lead to the ‘opposite result.