Representatives of the Russian mining community and the cryptocurrency industry want the authorities to legalize the industry as soon as possible. In their opinion, everyone will benefit from this – the state will receive a fully functioning industry and investments, and business – clarity and clear rules of the game. They expressed their position in a conversation with Lenta.ru.
Commenting on the recent precedent in the Irkutsk region, where the local sales company, Irkutskenergosbyt, achieved an increase in the electricity tariff for miners in court, representatives of the cryptoindustry agreed that the claims of the regional energy supplier were justified, but the court’s decision leaves too many questions, since officially in Russia there is no such business as mining.
“Irkutskenergosbyt can be understood – the use of devices to hide a large amount of electricity consumption provoked an increase in the company’s debt, the debt was constantly growing and it had to be covered by citizens,” said the head of the sales department of the EMCD mining company and a specialist in digital asset mining Dmitry Kudinov. In his opinion, the problem could have been avoided if an appropriate legislative base had appeared in Russia.
“Since the mining activity is the most energy intensive, it should be classified as a commercial activity. I do not believe that Russia will lose its status as an attractive region for miners if mining is recognized as a business. This, on the contrary, will increase the attractiveness, the rules of the game will be clear, and miners will be able to predict the development of their business and will understand the prospects. Legislative initiatives and normal regulation will attract a large number of market participants to us, and it is this step that will allow Russia to become a flagship in the industry, ”said Denis Smirnov, blockchain specialist at EMCD.
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The low cost of energy and the reliability of the domestic power system will inevitably attract large investors who are still afraid to enter this business due to the lack of regulation. Nikita Zuborev, senior analyst at the Russian aggregator of crypto exchanges Bestchange.ru, shares this point of view – the key factors of attractiveness for miners are the safety and legality of doing business, he said.
At the same time, the industry itself is ready for dialogue with the authorities. BitCluster co-founder Vitaly Borshchenko said that work on the relevant document has already begun and in the process of creating it, the authorities are consulting with his company and other major industry representatives. However, an equally urgent question is what specific measures will be taken, since the future of the mining business in Russia depends on this. “Recognition in itself is good, it makes it possible to mine legally. The mechanics and the amount of tax calculation for this type of activity are important. He must be reasonable regarding the economics of this type of activity, ”Borshchenko said.
At the moment, the fight against miners in Russia is chaotic. For example, in Irkutsk, there was a campaign in which people reported on their neighbors who are mining cryptocurrencies. Market participants do not believe in the effectiveness of such a “manual mode” of mining regulation and declare the need for a comprehensive regulatory solution. In the case of legalization of the industry, the main problem will be the determination of the tax base, since there is no consensus on this matter between the industry itself and the authorities.
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