The new Russian Prime Minister Mikhail Mishustin, a known cryptocurrency enthusiast, has called on the country to prioritize the development of the digital economy, Coin Idol reports.
On his appointment as PM last week, the former head of Russian tax services vowed to transform the modern blockchain-powered state for the benefit of Russians. He said that Russia should implement modern information technologies and also, develop a national digital economy program. The state should become a digital platform that is created for people, Mishustin said.
While serving as Russia’s head taxman, one of Mishustin’s most noted achievements was to stop fraud in VAT tax refunds, and reduce red tape, so companies are not being audited all the time. Reportedly, Mishustin is known as being tough on tax fraud, which is not easy in Russia, considering its wealthiest have been hiding money in Cyprus, the Caymans, and elsewhere since the fall of the Soviet Union when they first took money out in droves.
After being made the prime minister, Mishustin wants all operations with cryptocurrency to be taxed. “I am convinced that it is necessary to tax such activities and to assess any economic consequences of using cryptocurrencies correctly,” he said in an interview with RBC TV news network.
In the past, Russia has not been very friendly with cryptocurrency as the country has treaded very softly in dealing with it. Recently, the state began testing stablecoins. The governor of Russia’s central bank has overtime shown skepticism about crypto and said it would violate the financial sovereignty of central banks. Russian President Vladimir Putin is also bitcoin skeptic and reportedly wanted cryptocurrency regulations in place. The regulations are part of the Digital Assets Regulation Bill, which is expected to set guidelines for cryptocurrency use in Russia.
