Russia’s Crypto Mining Boosts Economy with $556 Million in Tax Revenue
Russia’s cryptocurrency mining sector has significantly boosted the national economy, generating approximately 54,000 Bitcoins valued at over $3 billion in 2023.
Sergey Bezdelov, the leader of the Russian Industrial Mining Association, reported at the Eastern Economic Forum (EEF-2024) that this mining activity contributed around 50 billion rubles ($556 million) in tax revenues. Bezdelov highlighted the sector’s impact under the current regulatory conditions and anticipated further increases in tax income as new investments flow into the industry.
This announcement follows a pivotal legal change in Russia. On August 8, President Vladimir Putin enacted a law legalizing cryptocurrency mining, effective from November. The legislation allows both registered legal entities and individual entrepreneurs to mine cryptocurrencies, with personal miners also permitted under energy consumption restrictions.
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The new legal environment is expected to draw additional investment to Russia’s mining industry and further boost tax revenues. Mining infrastructure operators will also need registration with the Ministry of Digital Development.
The EEF-2024, held in Vladivostok from September 3-6 and organized by the Roscongress Foundation, focused on economic strategies and development prospects in the Russian Far East.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
