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Russia Ready to Officialize Bitcoin Mining with New Classification

Russian authorities are moving towards recognizing Bitcoin mining as a legitimate economic activity by assigning specific OKVED codes to mining operations. This move aims to bring miners out of regulatory ambiguity and provide them with legal recognition, impacting areas such as taxation and licensing.

According to Osman Kabaloev, deputy director at the Ministry of Finance in Russia, the government is preparing to assign the OKVED code to Bitcoin mining activity, which will help companies acquire state-required licenses relevant to their economic activities. This classification will also affect insurance premiums, tax regulations, and eligibility for state benefits.

While the recognition of Bitcoin mining in Russia is a positive step, Kabaloev mentioned that this codification can only happen after the passing of a law regulating cryptocurrency mining activities. The Ministry of Finance anticipates finalizing and approving this regulation within the year, paving the way for the issuance of cryptocurrency mining-specific OKVED codes.

Alexander Razuvaev, a member of the Guild of Financial Analysts and Risk Managers, highlighted the potential benefits of these measures for the Russian crypto-mining sector. He believes that if implemented, Russian industrial mining could become a significant player in the global market.

In addition, discussions around XRP have gained prominence following Russia’s announcement regarding the BRICS group’s plan to establish a new autonomous payment system. The potential integration of XRP into this financial framework aims to reduce reliance on traditional financial structures and foster economic cooperation among member states.

While Russian President Vladimir Putin has affirmed the bloc’s commitment to advancing its alternative currency strategy, nothing is official yet regarding the role of XRP in the BRICS currency. All member nations need to agree simultaneously on this matter. The BRICS nations have also been considering the possibility of having a gold-backed currency, as reported in May by Crypto News Flash.

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