Thursday, May 23, 2024
HomeLaw & PoliticsRussia likely to tax Bitcoin miners and establish hotspots: Report

Russia likely to tax Bitcoin miners and establish hotspots: Report

According to local media, Russia’s Ministry of Economic Development recommended allowing crypto mining in areas with a consistent energy surplus. The recommendations came only one days before the expected crypto legislation draft.

Key developments

  • The government proposed taxing on liquidated bitcoins generated through mining.
  • Last week, Russia’s central government agencies agreed to regulate cryptocurrency by requiring exchange licences and taxing large transactions.
  • According to local media, a draft bill is due by February 18.
  • The Bank of Russia advocated a total ban on cryptocurrencies last month, but the finance minister urged regulating instead of abolishing digital assets.

Read more:

Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.


Please enter your comment!
Please enter your name here

eighteen − thirteen =

- Advertisment -

Most Popular