Russian Regulators Think They Found a Way to Identify, Tax, and License Crypto Miners

Regulating Russian Crypto Mining
The head of the Committee on Financial Markets Anatoly Aksakov told the radio station Says Moscow on Thursday that cryptocurrency miners will be registered and taxed via electricity consumption, the station detailed. To identify miners, he explained:If we talk about mining, then this is a large consumption of electricity, it is obvious that it is not difficult to track. I do not see any problems here.

Comments from Industry Participants
There is skepticism in Russia over how cryptocurrency mining can be regulated. RIA Novosti quoted Andrey Koptelov, the director of the Center for Economic Research at Synergy University, saying:The prohibitions of cryptocurrencies and their mining are useless, therefore, the only option for countries is to increase the transparency of this area by participating in international initiatives to register crypto exchanges and oversee their work.

Do you think the Russian government will successfully find, tax, and license cryptocurrency miners? Let us know in the comments section below.Not all miners are engaged in money laundering and the financing of terrorism. We need to separate the ‘wheat from the chaff’. One of the features of cryptocurrency is anonymity and lack of regulation, therefore the implementation of such initiatives will face significant difficulties.
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