On November 9, local Russian media outlet Izvestia reported that the Russian Ministry of Economic Development, the Ministry of Energy and the State Duma (Russia's lower house) have proposed legalizing and regulating cryptocurrency mining as a business activity, but the Central Bank of Russia does not support the move because of the risks associated with cryptocurrencies. The Russian Ministry of Economic Development believes regulation would benefit the country and the cryptocurrency industry, and wants to create a new classification code for the industry to register companies and determine taxation procedures, according to the report. Anatoly Aksakov, chairman of the Duma Finance Committee, said miners may be charged higher rates for electricity than for other types of consumption.
