The Bank of Russia has finally said it will allow cryptocurrency mining in the country. Here are the summary:
1. The Russian central bank has agreed to allow the mining of cryptocurrencies in Russia.
2. But it comes with a cost that the miners must sell their coins outside of the country, as reported by RBC on Thursday
3. Olga Skorobogatova, is the first deputy chairman of the bank and she explained:
We offer to allow mining within the territory of the Russian Federation. For us, it is a kind of activity that can be supported…At the same time, the question of how the miners will exchange what they have mined is still debatable. We, as the Bank of Russia, believe that they still have to do this outside the territory of Russia.
4. And finally, Roman Buzko, a partner at Buzko & Partners law firm revealed that despite miners selling outside Russia, Tax payment is still a must. Miners Will Still Be Taxed.
Read Also: Coincheck Hack boost CryptoCurrency awareness in Japan
Visit us daily For more of your summary Bitcoin News. We make it brief, clear and straight to the point or better still subscribe to our newsletter below and follow us @ ‘Mntrendsblog’ on all social media accounts.