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Russian Politician: Crypto-Tourism Future Bright

Tim Alper
Last updated: | 1 min read

A senior Russian politician has predicted an illustrious outlook for cryptocurrency-powered tourism in the country.

Source: iStock/DarthArt

Per media outlet, MP Igor Fomin, the head of tourism for the parliament’s Council Committee on Social Policy believes crypto-tourism developments will begin in earnest once the State Duma (the Russian parliament) has finalized a set of long-awaited cryptocurrency-related legislation.

Fomin called Russian crypto-tourism schemes “promising,” and suggesed a “legislative base” would help fledgling cryptocurrency-related tourism drives bloom. Fomin also claimed that both Russians and visitors to the country will soon be able to pay tour agencies and hotels in cryptocurrencies – and use Bitcoin and altcoin to pay for transportation services.

The politician also hinted that many in the country are still expecting the development of a national digital fiat, in spite of President Vladimir Putin’s announcement last month that “no state can have its own national cryptocurrency.”

A small but significant number of Russian tourist-centered industries, such as bars, hotels, travel agencies and airlines began accepting crypto-payment during the recent World Cup – and many are keen to kick on from these beginnings.

The Duma, which had been due to rubber-stamp three cryptocurrency-related bills this summer, has postponed the legislation’s second readings “until autumn.”

In related news, Anatoly Aksakov, Chairman of the Duma’s Committee on Financial Markets, has recently stated that, despite previous talk of a special cryptocurrency mining tax to be introduced in the autumn, Russian miners will instead be billed under existing income tax regulations.

The chairman also stated that companies and individuals would also be required to pay income tax on earnings gained from cryptocurrency trading. This would mean most Russian miners and traders will likely need to pay taxes of around 13% on their earnings.

However, Aksakov said that Moscow would not rule out the introduction of a specific “mining tax” at some stage in the future “should the government judge it to be necessary.”