March 26, 2024 The Insider
The Ministry of Energy has proposed to recognize mining as an industry, Izvestia reports. There is now an active discussion of this idea.
The Ministry of Economic Development has supported the initiative, while the Ministry of Industry and Trade, which deals with the classification of OKVED, said that first it is necessary to adopt a law on mining and then discuss the recognition of mining as an industry. The deputy head of the specialized committee of the State Duma said that the decision should be made in the next few weeks.
Market participants believe that this will help the development of the industry and improve taxation.
Cryptocurrency helps Russia circumvent European sanctions. Many Russian banks are under sanctions and cannot send SWIFT transfers from Russia to other countries, and vice versa. Cryptocurrency helps both ordinary Russians to withdraw their paychecks from Russia, and people who are under personal sanctions - to bypass international bans, wrote the project “Dossier”.
In addition, mining farms generate profits, part of which the state can count on collecting taxes from it. On July 14, 2022, Vladimir Putin signed a law that explicitly prohibits the use of digital financial assets (DFAs) and utilitarian digital rights (UCRs) as a means of payment in Russia.
Title: Proposal to Recognize Mining as an Industry Gains Traction in Russia
Annotation: This report discusses the Ministry of Energy’s proposal to classify mining as an industry in Russia, highlighting its potential implications for the country’s economy and regulatory framework.
Keywords: Mining industry, Russia, Ministry of Energy, OKVED classification, taxation, cryptocurrency, sanctions
Rewrite: This report explores the Ministry of Energy’s initiative to designate mining as an official industry in Russia, examining its impact on economic development, regulatory standards, and taxation policies.
Hashtags: #MiningIndustry #Russia #MinistryOfEnergy #OKVEDClassification #Cryptocurrency #Sanctions
Editorial Comment: The consideration of mining as an industry reflects Russia’s evolving approach to economic diversification and regulatory adaptation amid global trends in cryptocurrency and sanctions.
Disclaimer: While informative, this report requires thorough verification due to potential biases and incomplete information. Readers are advised to exercise critical judgment when interpreting the findings presented here.
Conclusion: The potential recognition of mining as an industry signals a significant shift in Russia’s economic landscape, with implications for taxation, regulatory oversight, and the utilization of cryptocurrencies in circumventing international sanctions.
Keywords: Mining industry, economic development, regulatory standards, taxation policies, cryptocurrency
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