Topic: Russian Ministry wants to legalize Bitcoin mining in specific areas - page 2. (Read 664 times)

It pleases me to see that the Russian government has changed their mind on banning Bitcoin, and have decided to legalize and regulate crypto transactions. That is far much better than placing a ban on it. Earlier this year, I have been seeing news that the Russian government (and the EU in general) were proposing a ban on Bitcoin and also cryptocurrency exchanges. But no one was really sure about it, whether it was going to happen or not.

But, even then there was news that cryptocurrency miners were moving to Russia as the Chinese government banned cryptocurrency entirely. But no one was really sure what would be the outcome. Finally now we know, and it is good.

Russian government have been on the rise for taxation after there have established a target of about 13 billion dollars in Bitcoin taxation, looking at bitcoin mining for the realization of such tax period will definitely show up, but considering the many challenges for miners presently this tax will bring harsh business period for miners.

No, this is not the reason...

Large corporations affiliated with law enforcement agencies are involved in Bitcoin mining in Russia.  For them it's just business, no politics.  For mining purposes, excess electricity power is used.  There are a lot of power plants in Russia.  

There are two influential groups in Russia.  

The first group is mining Bitcoin and controls the Ministry of Finance.  The second group lobbies for the digital ruble (CBDC) and controls the Central Bank of the Russian Federation.  

These groups have different financial interests and different ideas about the future fate of Bitcoin.

I do not understand your negativity towards Gazprom. For example, Germany has entered into a long-term contract and buys gas at prices that are 5-10 times lower than the market price.
We are told stories about green energy, but all waste from production is taken to Third World countries. Gas is used not only for domestic purposes, but also in industry, and there is no alternative for the next 10 years.

yep.
if they made a power plant that is 'future proof for residential expansion' EG current demand is 33% of the new power stations capacity to allow for 3x residential housing growth over X decades.
then for X decades they power plant is only working at 33% capacity or wasting excess capacity thats not consumed.. meaning its not getting 66% of potential income it could be capable of getting.

so for decades its missing out on alot of income.
because houses take too much time to build and then find residents that want to move into them. they cant just 3x the number of houses in 1 year. it would take decades to grow the population.

however if they offer that 66% excess to other industries then the power company can get more income faster and sooner, to then use that excess income for more upgrades in other regions. to then upgrade the country alot faster and sooner

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off topic:
windfury has been hyping up his latest buzzword of the month "censorship-resistance" since he learned it from one of his pals talking about "bitcoin is great for donating to the freedom convoy" and "government cant get the coins, its impossible because bitcoin is censorship resistant.

he certainly loves sheep following buzzwords without understanding what they mean or how they apply to real life

problem is that the freedom convoy organisers were too publicly known and got slammed by a court order that they, anyone they know, anyone that knows them cant spend, move, distribute, pass, the known funds.
or any service that sees the known bitcoin funds being deposited into the service, has to freeze the account.

punishment being prison/massive fine if funds do move/those involved disobey the court order.

https://bitcointalksearch.org/topic/m.59293156
simple terms.. pay the court $20m and the order disappears. if the funds move. then those listed in the order have broken the court order, which means fines or prison time

shame he didnt do his research. because now the coins are left in limbo and the truckers are not getting paid as promised...!!

bitcoin is only as great as the pseudonymity the person holding the funds personally hides under.
if the fund holder goes public. expect law enforcement to court order the fund holder to stop doing things or go to prison/get fined.

censorship resistant. is not the same as what windfury tries to make it sound like EG "100% impossible for government to touch" nonsense
yes bitcoin is resistant, but not censorship-impossible

I don't think this is a good idea since miners already have a lot on their plate and additional taxes would push their profits even lower which would force them to stop mining altogether in both the short-term and the long-term.

Russia is being fickle by banning crypto mining to trying to regulate them which is very similar to what some other countries(India, China etc) have done in recent times.

I feel that this is some sort of clever strategy being used by world governments for financial reasons.

A claim from Gazprom is worth less than one satoshi (on bitcoinsv).


If you're not sure about things why don't you check them before making claims and arguing with me?  


No, it's not another debate.
I've asked you why bitcoin can't help those countries get rid of all the sanctions for so many years.
Truth is that bitcoin is used simply as an alternative payment gateway to poeple who would really want to deal with them, and those people sealed with N Korea under sanctions even before bitcoin, their problem is the source and quantity.

Proof that doesn't work.


Seriously?
Are we really comparing a guy sending a parcel to a stranger, one in billion with a factory full of workers, with a lot of needs of equipment, raw materials, fuel that needs to send containers after containers, cook the books about who bought them and then ship under the radar thousands of gear part or motors or electronics?
You can sell a cookie to your neighbor for bitcoin and the state will never know, but try to send 10 000 of them to Pyongyang, see if it works, search for buyers on Alphabay. Oh wait..


You refuse to see the huge problem in front of you, finding a guy that would sell you something when we talk at country size level resources is a billion harder than sending a payment.

Bitcoin can be used exceptionally well for personal finances, personal payments, as you can Blend in with billions, the moment you try to use it for huge size deals you need the find a solution for the real life covering of all this, and this is something bitcoin can't do and it wasn't ever supposed to do.

Russian Bitcoin mining taxation if viewed from the positive perspective will allow for bitcoin adoption because there is no way the Russian government will collect taxes from an asset that is not legalized in its domain, secondly, I don't see anything wrong in regulating Bitcoin mining and regulating bitcoin mining does not equal regulation of the Bitcoin network. Note Bitcoin services can easily be regulated and taxed it bitcoin itself that is not possible for regulators to temper with it network.

I’m not sure, but how much natural gas the Russia export today? Plus would you truly believe for Russia to be so useless to Western Europe, that they will simply sanction them?


The point is that if an alternative would be true that useful and it would bypass SWIFT North Korea would have used it to buy some damn tractors instead of still doing plowing with horses. But as you can see the alternative to SWIFT is not helping North Korea, is not helping Iran, and is not going to help Russia either.