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russian cryptocurrency mining

legalize and regulate cryptocurrency mining. This should ostensibly allow the Russian budget to receive extra income and create jobs. In January, the Russian central bank called for Bitcoin mining and cryptocurrency transactions—which now exist in a legal gray area—to be. Washington's decision to supply information on possible Japanese crypto mining operations in Russia was part of an effort to maintain pressure. MATT GILMOUR OZFOREX

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And although it takes more than a home computer to mine Bitcoin, the new law, should it be authorized and approved, would allow miners to specify that their energy consumption is for entrepreneurial and not domestic activity. However, it seems difficult to identify small miners. On the subject of energy, Izvestia reports that in the Duma there are already those who want to increase the cost of electricity for miners. The Russian Central Bank, for its part, would not be in favour of the initiative.

It would mean supporting the mining of an alternative currency, to the detriment of the rouble. That is why for the supporters of the proposal, it is necessary to legalize the activity and charge taxes on it. These income percentages are very close to the hashrate percentages held by Russia as of August of These figures show that Russia has a community of miners that the government plans to exploit to its advantage.

Doubts about the future of crypto in Russia The future of cryptocurrencies in Russia remains somewhat doubtful. The action follows a recent International Monetary Fund report that Russia could mine Bitcoin in an effort to evade the economic sanctions that were imposed on the nation after it invaded Ukraine.

According to the paper, "over time, sanctioned countries could also allocate more resources toward evading sanctions through mining. Mining for energy-intensive blockchains like Bitcoin can allow countries to monetize energy resources, some of which cannot be exported due to sanctions. He insisted that the lack of clarity on mining crypto "needs to be [eliminated] as soon as possible" and suggested that the government should determine crypto mining sites.

Grabchak said energy sources for the industry should be freed up at the regional level and not the federal level — which needs to be regulated with regional development plans. Benzinga does not provide investment advice.

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