Russia Developing System to Identify Crypto Miners but Considers Tax Break

[Cordillerabit]

A Russian ministry is preparing a bill for the regulation of cryptocurrency mining which reportedly includes a “special system” to detect crypto miners. In addition, there may be a 2-year tax break for miners as well as energy quotas and special tariffs.

System to Detect Miners

The Russian Ministry of Communications and Mass Media is reportedly developing a system to identify cryptocurrency miners in Russia so that they can be taxed, Vedomosti reported last week. The publication elaborated:

There will be a special system for detecting miners – according to the structure of current consumption and Internet traffic, to correlate the capacity of the mining equipment with the amount of cryptocurrency that the miner declares on the crypto exchange.

According to the publication, two people familiar with the matter have confirmed that this information is included in the mining regulation prepared by the Ministry of Communications. The bill is expected to be submitted to the State Duma by February 1.

https://news.bitcoin.com/russia-developing-system-identify-crypto-miners-tax-break/