A senior Kremlin official, Maxim Oreshkin, proposes that cryptocurrency mining be officially counted as an export in Russia’s trade statistics due to the substantial flow of mined digital assets abroad. Since the legalization of crypto mining in November 2024, Russia’s mining industry has grown significantly, producing tens of thousands of Bitcoins annually and generating billions in daily revenue. Despite tighter regulations and registration requirements, illegal mining persists, draining electricity and evading taxes. Legal corporate miners continue operating within the framework, but challenges remain to fully capture crypto mining’s economic impact and prevent losses for the state budget.
Continue to read Kremlin Official Advocates Recognizing Crypto Mining as Russia’s Novel Export Sector
A senior Kremlin official, Maxim Oreshkin, proposes that cryptocurrency mining be officially counted as an export in Russia’s trade statistics due to the substantial flow of mined digital assets abroad. Since the legalization of crypto mining in November 2024, Russia’s mining industry has grown significantly, producing tens of thousands of Bitcoins annually and generating billions in daily revenue. Despite tighter regulations and registration requirements, illegal mining persists, draining electricity and evading taxes. Legal corporate miners continue operating within the framework, but challenges remain to fully capture crypto mining’s economic impact and prevent losses for the state budget.
Continue to read Kremlin Official Advocates Recognizing Crypto Mining as Russia’s Novel Export Sector
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