Sunday, September 25, 2022
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.

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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.
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