Bank of Russia Allows Crypto Mining.

[prashanta]

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.

[cryptohunter]

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

[skladnikov]

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.

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!

[prashanta]

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.

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.

[lsd400]

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.

[Imran1271]

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.

[AzureDragon]

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.

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.

[gsmbimol]

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.

[buinchain]

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.

[Thyaga]

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.

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

[gcckpxm62308]

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.

[Tipstar]

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.

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

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/

[Yudhisthir]

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.

[toddy47]

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?

[rdny]

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.

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.

[ruslangitelman223]

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.

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.

[superloy]

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.

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.

[Stavri]

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.

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.

[AlexaSonda]

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.

[IgorShumilo]

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.