MOSCOW, December 15 (RAPSI) – Russia’s business ombudsman Boris Titov has proposed to introduce 14% tax rate for mining cryptocurrencies, his press-service told RAPSI on Friday.

Titov announced this initiative at the Crypto Invest Forum in Moscow.

According to the ombudsman, the tax rate for mining should be lower than VAT for foreign companies. He proposed to transfer data to the tax service automatically by installing special chip in the equipment used for mining.

At the forum Titov also talked about need for clear definitions of “blockchain”, “token” and “mining” on a legislative level in order to regulate cryptocurrencies. He proposed to refine these financial instruments by establishing “regulative sandboxes” as well.