Russian Ministry wants to legalize Bitcoin mining in specific areas
The proposal aims to recognize crypto mining as a commercial activity and introduce taxes on its realized profits. Amid the Russian government continuing working out a regulatory regime for digital assets, a federal ministry has made another proposal regarding the crypto mining industry.Russia’s Ministry of Economic Development has greenlighted the concept of crypto mining regulation in the country, proposing to allow mining operations in areas with “sustainable surplus in electricity generation,” local news agency Izvestia reported Tuesday.As part of the proposal, the ministry suggested....
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Russian authorities are moving towards the adoption of a comprehensive legal framework for cryptocurrencies, despite the central bank’s persisting opposition. The Finance Ministry’s....
Russian Ministry of Finance now “advises” using cryptocurrencies as legal tender? That sounds like an old story. Crypto journalists have reported that the Russian Ministry of Finance pushes for tokens to be treated as legal tender. However, there’s no evidence whatsoever to back up these claims. Related Readings | Russia To Legalize Crypto Payments, But Proposal […]
A high-ranking representative of the Ministry of Finance in Moscow sees no point in banning crypto mining in Russian households as it would be hard to restrict the activity. The top official also revealed that the department is currently finalizing regulations for the mining sector as part of efforts to legalize Russia’s crypto space.
Russia Prepares to Legalize Cryptocurrency Mining
Trying to prohibit at-home crypto mining makes no sense as it would be difficult to impose such a ban, according to Alexey Yakovlev, deputy director of the Financial Policy Department at the....
Cryptocurrency mining should be allowed in areas with excess energy and prohibited in those that experience deficits, according to Russian officials preparing to legalize it. An expert from the crypto industry has recently marked the regions where Moscow is likely to authorize mining and the ones where it will probably ban the extraction of digital currencies. Expert Lists Russian Regions Most Suitable for Crypto Mining and Those Expecting Ban The Central Bank of Russia and the Ministry of Finance recently agreed on legislation designed to regulate the mining of cryptocurrency that should....
The industry organization of Russian energy suppliers has come up with ideas on how to combat cryptocurrency mining in homes, basements and garages. The association believes the phenomenon is the main issue with mining in Russia as authorities prepare to legalize it.
Suppliers Move Against Mining With Cheap Electricity
The Russian association of energy suppliers and power utilities has prepared proposals to curb amateur crypto mining with subsidized household electricity, which has become a popular income source for many Russians. A letter listing its recommendations has been....