Cryptocurrency

&nbsp;Artem Kiryanov, Deputy Chairman of <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a>'s State Duma Committee on Economic Policy, has called for the legalization of cryptocurrency mining. <a href="https://lenta.ru/news/2023/08/30/maining_russia/">Speaking</a> with Lenta.ru, Kiryanov argued that the industry already exists, and it's high time for legislation. Because there's no legal framework, <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a> is missing out on potential tax revenues amounting to tens of billions of rubles per year. 
Ivan Chebeskov, Director of the Department of Financial Policy at the Ministry of Finance, estimates the annual revenue from Russian miners to be around four billion dollars. Furthermore, the industry's profits hover around 100 billion rubles. Under current conditions, the taxation of crypto mining activities could pour roughly 20 billion rubles into the state's coffers. 
Kiryanov stressed the urgency of defining the very concept of mining, laying down procedures for companies, and rolling out regulations. These steps, he believes, will legitimize the industry and bring in a stable, significant income for <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a>. Most deputies in the State Duma agree with him. The topic has been under discussion for a while, and the majority lean toward taking decisive action. 
Anatoly Aksakov, head of the State Duma Committee on Financial Markets, revealed that mining could become legal as early as 2024. Additionally, <a href="https://ultramining.com/en/data-centers/bitriver/">BitRiver</a> estimates suggest that <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a>'s mining industry is catching up with the American one at an accelerated pace, largely fueled by demand from <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/">China</a>. 
By taking steps to legalize and regulate mining, <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a> aims to turn a de facto existing industry into a substantial source of tax revenue. This move could put <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a> on the map as a significant player in the global crypto market, while filling government coffers in a challenging economic landscape. 
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Russia Eyes Billions in Tax Revenue as Deputy Chairman Proposes Legalizing Cryptocurrency Mining

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