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Russian State Duma Plans to Regulate Block Reward Mining as Business

Block reward miners in Russia may become officially recognized and regulated by the country’s State Duma in the future as it wants to classify mining as a form of entrepreneurship.

Russia is one of the hot spots for block reward miners, especially in the region of Siberia where electricity is cheap and low temperatures lead to reduced costs.

The chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, declared:

“Since this [block reward mining] is a type of entrepreneurial activity, obviously, it is necessary to enter it into the state register, assign a code to it as a type of entrepreneurial activity and introduce taxation.”

He further added:

“We still need to discuss what digital currency actually is, although we call it currency, it is rather used as a financial instrument or a financial asset that is a subject to investment, rather than a means of payment.”
Source: Coingeek.com
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