Andrey Lugovoy: Russia can become the world leader in cryptocurrency mining


Andrey Lugovoi, a member of the State Duma working group on the legislative regulation of cryptocurrencies, believes that Russia has the potential to overtake all other countries in the field of mining.

This requires a clear legislative regulation of the work of miners, the deputy of the LDPR faction explained in an interview with Parliamentary Newspaper. If you manage to bring “underground miners” out of the shadows, this will help the economy grow.

“The contribution of our country to the global crypto market is already rather big today: 12% of the total volume of cryptocurrencies is mined in Russia, we rank third in the world. Taking into account the unique climatic conditions of Russia, the presence of a surplus of electricity and its low cost, we can assume that our country has the opportunity to reach the first place in the world in terms of mining,” Andrey Lugovoi emphasized.

The member of the working group once again confirmed that the government will not allow the use of cryptocurrencies for payments and settlements. However, within the framework of the law on digital financial assets, cryptocurrency is recognized as property, and it is not prohibited to mine it. Lugovoy also noted that “in the draft amendments to the Tax Code, we see an approach in which the owner of the cryptocurrency will have to declare it.”

According to Andrey Lugovoy, it is volatility that has made digital assets so popular among investors – when bank deposit rates are constantly decreasing, investors are looking for new and more profitable ways to invest. And cryptocurrencies are great for that. At the same time, the deputy does not support the opinion of some officials regarding the use of cryptocurrencies to commit crimes. Lugovoi emphasized that there are quite a few different tools for detecting criminal transactions and wallets.

In mid-April, the Ministry of Finance presented an updated bill “On Digital Currency”, which contains detailed regulations regarding the mining of cryptocurrencies.

Source: Bits

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