In Russia, the law on cryptocurrencies and mining will be adopted before 1 July.

[carlisle1]

Regarding the regulation of the currency and taxes on mining in Russia, there is indeed a lot of news. The government sees a huge flow of investments that they can not regulate. They can not look at it calmly, so they take such measures.

i guss this is the influence of china to russia.since this two countries known as in good relation,they want to control the crypto in their region..because they have learn how large amount of money are involved in this community.and theyre country had a large margin of making profit here in

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[September11Myth]

The funny thing when politicians are trying to make laws about Bitcoin and cryptocurrencies is that they usually have no clue on how they technically work, so that their laws usually look totally surreal and disconnected from reality. This is not just a Russian problem, it's a common pattern everywhere.

[stolik1997]

Do you guys understand how is it possible to tax mining? I mean, technically, how to track miners? Apart from police raids ofc

[trecore4]

This is just another country who think they can magnate the crypto currency in their country. After reading your post twice I think that they are just trying to amend the laws so that people can invest in systematic way and thus they will pay the taxes at the end. The effect they want is clear and its just that they dont want people to invest huge and earn back huge but dont give a penny to the government. That will disturb the nation economy for sure so its good decision in anyway and I think at least people of Russia will be sure that they have legal status of bitcoin. I am sure national currency is dream but thats not gonna be in existence as many countries already stated that but no one reacted upon it yet.

[13abyknight]

-snip-

When its Russia laying down the rules, you can be damn sure that they're going to implement it and make sure everyone abides by them. Forcing miners to pay taxes seems a bit too much to ask but when it is Putin, the community government always has the final word without any strings attached.

[fiulpro]

God now even the Russians are in too ?
I think the governments are going down and doing a conspiracy theory and trying to set up everything according to them .

Killing crypto seems to be their Moto and trust me I don't think this is healthy for any person out there engaged in Bitcoins

Why don't we all start something like a plea to stop this ...

[Rustamm]

The State Duma of Russia introduced several controversial bills with respect to the crypto currency from the establishment of criminal liability for any operations with the crypto currency, prior to its regulation. And the last bill, which is still being developed, provides for the recognition of miners and miners of crypto-currencies by entrepreneurs, and profits from activities with crypto-currency will be taxed at 13 percent. This is a rather promising bill, but no one knows which one will be adopted. I'm already inclined to think that in Russia, finally realize the inevitability of the introduction of crypto currency and therefore will regulate it, and not prohibit it.

[yojodojo21]

I think Russian government misunderstand the use of rigs, It consumes electricity so at the same time a miner pays electric bill then it is also consider as the miner paid the tax for mining. Big or small amount it's the same. However the more miner will be the more rise of ICO projects too for sure. But always take that as a bonus to help crypto be founded. Once Russia knew what is the power behind crypto then it can be also abuse.

[fauzan Ichsan]

they do not want to lose control, so have to set bitcoin of that country. but we must comply with the regulations made by government or we will be confronted with the laws of that country.

[PsylockReborn]

Why do we need this law?

Comments of the Deputy Minister of Finance of Russia Alexei Moiseev:

The law was developed to protect the interests of all participants of the financial market in order to reduce the risks of working with crypto-currencies. (C)
- Are you seriously? Ha-ha-ha  

Cryptomoney, in the majority, have a speculative character, therefore the risk of loss of assets is very large. If the exchange rate falls, neither the Central Bank, nor any other bodies will be able to help investors without legislation.
One of the latest examples of this phenomenon can be called a sharp drop in bitcoin, which occurred the other day. When the coin lost just one and a half thousand dollars (from 16 thousand fell to 14.5 thousand). (c)
- When I read, I laughed and cried. Is he from Russia? It seems the name is Russian. It's strange that he forgot how in 1998-1999 for 11 months the exchange rate of the national currency fell 4 times! And in 2014-2015 the exchange rate of the national currency fell 2 times!

Miners will be obliged to pay tax.
- What will I give them tax, bitcoins? Clowns

For non-professionals, a limit is set for the amount to participate in ISO - about 870 dollars.
- How will they control me?

And the funniest thing is - maybe a national currency will appear in Russia.
- Who needs it! Who will use it!

We all know that the bottom line of all this issue when it comes to government controlling crypto miners or investors its because of the taxes and the possible illegal activities that could potentially lead to terrorist financing using bitcoin or any other crypto. They are too focused on the negative side of it all. Sometimes selfishness of the government and indifference when it comes to self motives towards technology and innovation can really affect the people to move forward towards a more modern and advanced world.

-snip-

When its Russia laying down the rules, you can be damn sure that they're going to implement it and make sure everyone abides by them. Forcing miners to pay taxes seems a bit too much to ask but when it is Putin, the community government always has the final word without any strings attached.

I agree with you on this. The miners can't really do anything if this will be fully implemented in Russia. This issue will just make bitcoin and other crypto more valuable since there are lots of fees to acquire or mine them. I'm so positive that values of crypto will rise if all other countries will implement such laws. We are already moving to the digital world hope that the government won't take advantage when it comes to taxing low fishes that are trading and mining cryptos.

[Searing]

I thought I read already, that cryptocurrency mining can be done in Russia, but it has to be large businesses and operations to protect

the 'little guy' from the evils of crypto...in other words you have to have a 'license' to mine crypto in Russia and pay big to do so....


seems that way to me however

https://kryptomoney.com/russian-law-makers-seek-out-new-path-to-license-crypto-miners/

[scorpionso]

it is going to be same in other countries arround Russia. goverments will see big tax potential on Bitcoin and try to make some laws. this sounds no sense actually. non-centralized structure how can be audited

[BarbusseH]

Do you guys understand how is it possible to tax mining? I mean, technically, how to track miners? Apart from police raids ofc

It is possible to control the expenditure of fiat currencies. When cashing in the currency of the fiat will be required sources of funds.

[rafaelyarulin]

The new law on cryptocurrency 2018 is scheduled to be adopted by July-September. The transition period is 90 days. According to B. Titov – ombudsman of the rights of entrepreneurs under the President of the Russian Federation, the law will be very strict, but taxation will not be regulated. To do this, you will have to create another parallel document

[stompix]

I think Russian government misunderstand the use of rigs, It consumes electricity so at the same time a miner pays electric bill then it is also consider as the miner paid the tax for mining. Big or small amount it's the same. However the more miner will be the more rise of ICO projects too for sure. But always take that as a bonus to help crypto be founded. Once Russia knew what is the power behind crypto then it can be also abuse.

That's not tax.
My parents business is also consuming electricity, are they exempt from tax because they pay electricity?
Those are costs, the bitcoins you get from mining is revenue, what's left after paying the bills is the profit which gets taxed.

And I don't share your optimism on the raise of the ICOs ...we're better off without them.

The new law on cryptocurrency 2018 is scheduled to be adopted by July-September. The transition period is 90 days. According to B. Titov – ombudsman of the rights of entrepreneurs under the President of the Russian Federation, the law will be very strict, but taxation will not be regulated. To do this, you will have to create another parallel document

Knowing Russia's history with bitcoin I'll say 2028 ...
They can't enforce parking tickets and they want to deal with taxing crypto?

[act now]

Read less news about Russia. In Russia there is a city Irkutsk. In this city, the price for electricity is about 2 cents. There are a lot of mining farms in and around this city.
[/quote]

But  the Government does not  create favorable conditions for miners. The Government could gain from this activity both from taxes and from selling unused electricity capacities.

[paynercash]

This is just another country who think they can magnate the crypto currency in their country. After reading your post twice I think that they are just trying to amend the laws so that people can invest in systematic way and thus they will pay the taxes at the end. The effect they want is clear and its just that they dont want people to invest huge and earn back huge but dont give a penny to the government. That will disturb the nation economy for sure so its good decision in anyway and I think at least people of Russia will be sure that they have legal status of bitcoin. I am sure national currency is dream but thats not gonna be in existence as many countries already stated that but no one reacted upon it yet.

Exactly. It will be difficult for their government, because the government does not get a penny from the investors. So they will amend and add information to the law. Surely there will be government control, which leads to discomfort for investors. But I believe every difficulty has a solution.

[lubah]

And the funniest thing is - maybe a national currency will appear in Russia.
- Who needs it! Who will use it!

Have you thought about the fact that the Russian national currency may be linked to a 1 carat diamond? How's that for an offer? Did you know that Russia is the first country in diamond mining? Apparently not. I gave you a thought, I think you'll know what to do with it.
By the way, ALROSA Shares for 2018 rose by 18%

[Klakson]

the state decided to earn on it in the tax, and so for everything we pay, and soon they will take up the air

[jiryuksan]

The funny thing when politicians are trying to make laws about Bitcoin and cryptocurrencies is that they usually have no clue on how they technically work, so that their laws usually look totally surreal and disconnected from reality. This is not just a Russian problem, it's a common pattern everywhere.

I agree with your opinion, because government regulations usually only look at one side, namely taxes, how the bitcoin technically works as a means of payment they don't even understand.

What they know is that there is a large amount of money in the digital world that must give income to the government, if it cannot be done bitcoin must be prohibited. They don't want bitcoin to beat fiat money, while the government can't control it.