Russian Ministry of Energy supports legislation on cryptocurrency mining and calls for taxation

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The Russian Ministry of Energy has expressed its support for legislation on cryptocurrency mining and urged lawmakers to move forward in issuing a law related to this matter. The Deputy Minister of Energy emphasized the need to recognize miners as energy consumers and impose taxes on them.

He pointed out that specific regulatory measures should be applied to miners and restrictions should be imposed on the energy used in mining operations. Russia has seen the emergence of several cryptocurrency mining regions, including Irkutsk in Siberia. Despite complaints from local authorities about the depletion of local energy resources, they still desire to allow cryptocurrency mining.

The industry suffers from a lack of recognition as an official industry, resulting in low energy bills for miners. The ministry aims to establish a separate price for mining operations that differentiates between industrial and residential rates. Miners have called for the swift legalization of the industry, while the Deputy Minister warned of negative consequences if mining continues without proper regulation.

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