Bitcoin Forum

The Bank of Russia said it will allow cryptocurrency mining in the country, given tax, control, and reporting considerations. However, the central bank also proposes for crypto miners to sell their coins overseas, which will still oblige them to pay taxes.

they will all come around so long as they get their slice of the pie

come on did we all think this free internet money was going to stay just for us

once all govs find a way to regulate it and extract their bit they will love it.

they will probably all use it to get rid of cash in the end so they get every drop of tax they feel they should have.

win win for them, win win for us early adopters.

those late to the crypto party.... not so much

It seems to me that now survives those States who have to take under the settlement cryptocurrency, it's still a fairly low demand for the cryptocurrency. And you can quietly find ways to control and become part of it, and those who are against crypto currencies lose the confidence of their people and sooner or later will be eliminated. So it's a very good move!

lol, with the state of the market, what taxes can they collect when bitcoin et al is worth nothing, if this market 'crash'. 'correction', 'manipulation' continues it'll soon cost more to mine 1 bitcoin than the coin itself is worth.

I think with this Russia opening mining market for Chinese campaigns. And they will be just collecting taxes from them, imo. I don't know electricity cost for mining but I'm pretty it is lower than in Europe.

Pretty weak compared to Belarus. Also article says it’s a proposal, along with energy quotas and special tariffs. No thanks from a country that breeds it’s people into specific occupations.

As I know this is not an initiative of the Bank of Russia, but the Ministry of Finance (if I mistake give me plz proof-link). Now in the russian government there is only the initial version of the project, in which there are many inconsistencies. But, at least, it defines cryptocurrencies. And this means that they will get legal status.

Karbo is a type of hydrate ( nomenclature: Karbohydrate ) Its good for mining fat , which , when used , if ever , is released as energy and heat being a by-product of the brain and body , assuming you utilise one or the other.

Do not know whether the news is correct, but if it is true, then the encrypted currency will be more and more people know that the world will move to a larger stage. When Russia taxes mining, it proves the legitimacy of cryptocurrencies. Cryptocurrencies can circulate in the world and the future of bitcoin is not far off.

Can you include news sources or news links that you read? I have not gotten the facts over this rumor or maybe I am too blind about the latest news :-\

Before I was misled by a news article on China's banning of bitcoin, I would not have believed any news without any specific news and official news links. There is a lot of news that the media is trying to draw the reader's attention I'd be happy if the news for you is real because it shows that the cryptocurrency has gradually become legalized.

The news is quite old and here is the original act copy in Russian
http://kremlin.ru/acts/assignments/orders/55899

Here's a proper news link from reuters,
https://www.reuters.com/article/us-russia-cryptocurrencies-bill/russia-ready-to-regulate-not-ban-cryptocurrencies-idUSKBN1FE0Y0

A recent interview (Feb 2 2018) of Russian Finance Minister about blockchain technology.
https://www.rt.com/shows/sophieco/417668-russia-blockcgain-finance-minister/

Cryptocurrency and blockchain technology is the next big thing which is going to shape this world. The ones accepting it sooner will have relatively larger success than the ones trying to oppress it. As, it's not just what one person or one government or a group of governments can influence.

What an absolute joke it would be to disallow mining, it is akin to banning the use of adsense or paid surveys, both provide an income, both are not considered blurred ways of earning money, so why would Cryptocurrency?

As with everything in this world, those who cannot cope up with change will be left behind. Great analyzation from russian government since they saw early on the possibilities with crypto currency. Those civilization who did not improve or at least cope up will be erased and just be written in history books. Also, they knew that this new technology is one way of removing or diminishing control and monopolization of finance and economics from western powers.

Only the production of crypto currency will be taxed, I hope that it will not be large. In principle, not so large now the number of miners, but still on the right path they are. Gradually, they will come to the full legalization of the crypt, if of course this step will have positive results.

Russia is one of the friendliest Cryptocurrency in the world and their electric and power price is very cheap and they're already building mega mining rigs since last year. They even used it as the house warmer as they put them down behind the floor.
This way instead of turning on the Warmer appliances, they build mining rigs behind their floors the jeep them warm up and the same time they're making money through mining Cryptocurrencies.

it is a very good new actually. because as i know there are very cheap electricity opportunities in some parts of russia around siberia. And it is easier to find and buy hardwares comparing with many countries.

his good news is mining in russia allowed. but if all the mining cost and tax are greater than the mined results, then this will be a new problem. the miners will also think and do not want to do mining in russia.

I live in this country and I do not believe not the one word that our media say. Believe me, the Russian government will not create favorable conditions for anything. They can only create more taxes and fees from the public.

Well that is not surprising that Russia wants this, countries (especially those big countries) will surely not allow that they won't get any benefits from this cryptocurrency mining. It uses a lot of resources and the profit that cryptocurrency miners get by preforming this is huge amount of money. This is a better than banning it, right? But the problem is they cannot give tax or have a control in all people that wants to mine cryptocurrency in their territory because miners can just spread their hardwares in different places and perform mining without the government knowing it.

I think it won't make a sense of having such propose policy for crypto. Most probably people will surely not be in favor for these,  not of having those tax but for the reason that miners are just oblige to sell their coins as an obligation. It couldn't really help crypto dip to risen, instead it only gives problem between the banks and miners.

Why wouldn't they? Thanks to cryptocurrency and blockchain technology, Russia has been successful in avoiding the sanctions and keep thriving with most of the startups and companies issuing ICOs having at least some relation with Russia.
Russia is thriving with the money from US and Europe just because of cryptocurrency.

It is okay to make them pay taxes as long as they do not ban it because if they did, the price would surely go down which it would not be beneficial for us. That is the fate of bitcoin. It is going to be regulated by many countries and the price will certainly have gone very high by that time. But still people need to stop making a fuss about paying taxes because regulating+taxes is better than banning for a lifetime. At least you still can use it.

I wonder if this is really happening, how much the taxes that will be applied and I think it will divide between one big mining industry and one small mining industry. but I think the taxes will not too big and if it compares with the profit, I think that mining industry could still make a good profit in monthly.

governments putting tax or anything that can get money from them will affect a little or more the people or exchange sites. they will increase their fees to cover up the taxes. well it is still a good thing for governments accepting bitcoin compared to banning them.

Well it seems that the banks are doing this just so that they can collect more taxes from the citizens of Russia.
Once they allow mining of cryptocurrencies they know that people will start trading cryptocurrencies and through this they can achieve their goal of collecting more taxes from the people as the government have declared more taxes towards cryptocurrencies. Lets see how this decision goes in this critical situation where all most all the cryptocurrencies are falling down.

If you sell your coins caring about all these news, you must really sell, if some governments ban crypto, they will be losers not crypto.

This is quite encouraging news for crypto miners there, and hopefully this good news can positively be positive for cryptocurrency..

I am very skeptical of this kind of statements, because the laws are written in a rather strange language. I do not think that it can be at all, because literally a couple of months ago they said that they would never be able to accept crypto-currencies

This decision is in line with the Russian government, last year Putin had a meeting with Vitalik Buterin and with Sasha of Waves, Russia believes in the blockchain sector and wants to try to regulate it

Yeah I heard about this a while back.

IMO this is pretty bad news. First of all because I don't trust Russia, at all. And secondly, more countries might also start mining as well, ruining the incentive for regular people to get involved.

Not to mention Russia is full of corruption. ;D

Here we go tax govt will never support anything they will loose on it. Why putting the clause of tax if they really want to help indeed.

I always wonder, can you integrate mining rig into some kind of heater in Russia? This could allow more acceptance look from the government as it could have some real help to people.

It is great that we see some banks that start mining now. That is something that we need to go mainstream in the next couple of years. It may take some time before we are totally mainstream but we are on a good way now.

There are mix reaction in this news as some are telling it may be some kind of trick of Russian government and some are very happy and there might be possibilities of the trick but this news can spread that one positive vibe through out the globe and that is the only thing that is required to recover from this shaky situations of cryptocurrency and I would take this as a positive only because right now we need to think about overall picture and not for one country.

This could be a game-changer! Note "Crypto currency mining NOT "Bitcoin" specifically" This is huge if true, Canada has just set up a mining farn and there are a few more planed for the demand coming out of China, Korea and India. as well as the Philippines and Latin America. Mining is easy to tax and can be just another industrial activity as far as Russia concerned - "Check Donald" Brilliant chess move ! ) Over to the US?

Cryptocurrency mining is actually a profession now.  Depending on how large of a miner you have and if you're mining something that is profitable, you can earn enough to make it a full time career. 

russia is trying to open doors for chineese miners, but it is too risky to make business in russia

Well, they didn't did anything specific. For now it's just words.

This is Russia we're talking about. I doubt if everything will go well, let alone without corruption. ;D

For me it doesn't seem good at all because it will be probably hard to pass those regulations etc. Currently there were no regulations and everyone was mining as they wish(nearly); from on now situation may become really difficult for ordinary people.