Recently, Russian President Vladimir Putin backed a Russian government proposal to tax and control cryptocurrency mining and rejected the central bank's plan to ban it. In response to the recent proposal, Sergey Katyrin, president of the Russian Chamber of Commerce and Industry, wrote to Finance Minister Anton Siluanov calling for cryptocurrency mining to be elevated to corporate status and thus removed from the "gray zone", reports the Russian news agency Tass. Katyrin wrote in the letter: “It seems necessary to make significant revisions to the existing legislation and also to elaborate a series of new legislation that will determine in particular the legal status of mining as a kind of commercial activity, allowing this activity to be excluded from the 'zone. gray ', guaranteeing relevant taxes and other mandatory payments ”. Ph. Marco Verch
Apart from this, Katyrin proposed clarity on the legality of cryptocurrencies produced by miners, on the circulation and on the status of a payment instrument; he suggested "the legal status of the cryptocurrency produced by miners and its further circulation and ... the legal status of cryptocurrency as a means of payment." The Chamber of Commerce and Industry stressed that the position of the Russian ruble as the country's official currency should not be called into question at any time. However, he noted that it is useful to examine the experiences of nations where cryptography is seen as a digital representation of value rather than a method of payment and where exchanging cryptocurrencies for products is viewed as a transaction. More recently, former Russian President Dmitry Medvedev was the latest leader to raise concerns that Russia's crypto ban would lead to the "opposite result".