Bank of Russia Allows Crypto Mining.

[VitKoyn]

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.

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.

[Lpim01]

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.

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.

[tsaroz]

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.

[Aikidoka]

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.

[ethereumhunter]

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.

[kier010]

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.

[pawanjain]

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.

[berrygood]

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.

[laguseklik]

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.

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

[andor.gellenhidi]

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

[marcripto]

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

[Xioma]

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.

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.

[LeroyBro]

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

Not to mention Russia is full of corruption.

[micheal34]

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.

[kang_kung]

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.

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.

[KJMZNine]

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.

[nikjain422]

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.

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.

[Imran1271]

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?

[klixion]

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. 

[n1drow]

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