Skip to main content

Putin 'has no intention of banning Bitcoin in Russia' as he supports proposed regulation of cryptocurrency mining

Image
By Chief

 

Russia’s government and central bank (the Bank of Russia) advocate for two opposite approaches to regulating cryptocurrencies in general and Bitcoin mining in particular.


The Bank of Russia has issued a proposal to prohibit mining in the territory of the Russian Federation, while Russia’s government offers a more moderate strategy regarding taxing and regulating this market.



  • The first major reason for Putin’s adoption of a more moderate view is the desire to rationally utilize the existing surplus of electricity that currently exists in northern regions of the country.Thus, Bitcoin mining is probably being restricted to several northern areas
  • The second reason is Russia’s government’s promotion of innovations and technologies that are consistent with its national interests.President Putin and Russia’s officials implore the country’s competitive advantage in the sphere of Bitcoin mining that may be preserved for the following years
  • The third reason is the potential growth of government revenues in the form of Bitcoin mining taxes that can be collected from mining companies.Despite the presence of indirect evidence on the final decision on mining regulation, the official position of President Putin refers to encouraging the dialogue between Russia’s government and central bank regarding legal and regulatory approaches to Bitcoin mining.


As indicated by Vitaliy Borschenko, one of the corporate heads of Russian mining organization BitCluster, the greater part of Russia's offices is against revolutionary estimates that might bring about Bitcoin mining restriction. Extra legitimate, political, and corporate conversations are normal inside the next weeks to show up at an agreement in regards to the coordination of government and financial matters in this circle. The most probable arrangement alludes to the conservation of mining exercises in Russia however with the developing government control and management in this area. An extensive extent of Russia's labor force is likewise at present utilized in mining firms, along these lines influencing the levels and design of work in the country.


Russia currently ranks third in the world in terms of crypto mining capabilities, trailing only the United States and Kazakhstan. The final political resolution of the Bitcoin mining issue in Russia, as well as official declarations made by Russian authorities, may have a direct impact on the crypto market and Bitcoin and other cryptocurrencies prices.

Comments

Post a Comment

Popular posts from this blog

The IRS will not tax unsold cryptocurrency tokens, which is a huge relief for cryptocurrency traders and miners.

By
 Crypto staking and mining enthusiasts can finally exhale a sigh of relief, as the IRS has decided not to tax unrealized gains from crypto staking or mining digital assets. This is a huge relief because many crypto supporters have been speaking out against these proposed taxes over the last few months. Blockworks' Casey Wagner was the first to report on this storey. She claims that a Nashville couple will receive a tax refund for unsold Tezos tokens staked on the blockchain network. This clarifies how cryptocurrencies that have been staked are taxed. According to people familiar with the situation, the IRS has offered the couple a refund for earned but unredeemed rewards. According to a legal complaint filed on May 26, 2021, Joshua and Jessica Jerrett requested a refund of $3,293 in income tax paid in 2019 for the receipt of 8,876 Tezos tokens in May 2021 with the US District Court for the Middle District of Tennessee. In addition, the couple requested a $500 increase in tax credit...
Post a Comment
Read more

DogeCoin (DOGE) Overtakes Terra (Luna) As The World's 10th Largest Cryptocurrency

By
In terms of market capitalization, Dogecoin (DOGE) has surpassed Terra (LUNA) to become the tenth largest cryptocurrency. The switch follows the accompanying drama in the Terra ecosystem, which has seen the price of the LUNA tank plummet in recent days. LUNA has dropped 28.16 percent in the previous week and is now trading at more than 50% below its all-time high set in December. The battle for supremacy between DOGE and LUNA continues to heat up. According to CryptoRank, Dogecoin has surpassed Terra (LUNA) in market capitalization once again. DOGE has a market cap of roughly $18.22 billion, while LUNA has a market worth of around $18.20 billion. Market participants, on the other hand, are pointing out that the switch was caused by a panic selloff in the LUNA market, not by a boom in DOGE. In the last seven days, the price of DOGE has increased by 1.04 percent. In the same time period, however, LUNA has dropped 28.16 percent. According to Krypto Tribe tracker Santiment, the depletion h...
Post a Comment
Read more

Solana (SOL) Price Prediction: Will the Price of Solana (SOL) Break $120 Next?

By
  On Saturday, the price of Solana (SOL) appears to be exhausted near the higher levels. As accumulation increases near the demand zone, buyers stayed committed to the coin for about $88.0. The price pushed near $115.0 due to the unwavering strong sentiment. After testing two-week highs, the price of Solana (SOL) halted. If SOL breaks through $120 in the near term, expect more gains. At $145.0, the price is still trading below the 200 DMA. The price of SOL is still under pressure around two-week highs. On the daily chart, the formation of "Doji" candlesticks on Thursday following the bulls' rejection near the higher levels indicates that investors are not ready to give up on the coin easily. In a retaliatory action, the price tested the same level once more. This is a critical trading level, and acceptance above $120 is required for traders to maintain upside momentum. Source: Trading View The momentum oscillator Daily Relative Strength Index (RS...
Post a Comment
Read more