Bank of Russia Allows Crypto Mining.

DiabolicAnt

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Quote from: prashanta on February 02, 2018, 08:28:05 AM

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.

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.

drogas

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

Lanaya_1

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Quote from: Tipstar on February 04, 2018, 02:04:39 AM

Quote from: Thyaga on February 04, 2018, 01:56:06 AM

Quote from: prashanta on February 02, 2018, 08:28:05 AM

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 Undecided

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/

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

n1drow

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

klixion

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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.

Imran1271

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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?

nikjain422

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Quote from: prashanta on February 02, 2018, 08:28:05 AM

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.

KJMZNine

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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.

kang_kung

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Quote from: prashanta on February 02, 2018, 08:28:05 AM

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.

micheal34

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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.

LeroyBro

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Quote from: andor.gellenhidi on February 04, 2018, 07:15:26 AM

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. Grin

Xioma

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Quote from: prashanta on February 02, 2018, 08:28:05 AM

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.

marcripto

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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

andor.gellenhidi

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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

laguseklik

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Quote from: prashanta on February 02, 2018, 08:28:05 AM

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..

berrygood

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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.

pawanjain

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Nothing lasts forever

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.

kier010

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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.

ethereumhunter

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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.

Aikidoka

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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.

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