Russia moves to relax crypto mining bans on tax revenue concerns
The post Russia moves to relax crypto mining bans on tax revenue concerns appeared on BitcoinEthereumNews.com.
The executive power in Russia has suspended the expansion of a crypto mining ban that would have added several more regions to what’s already a long list of territories where the activity has been severely restricted. On Thursday, the government in Moscow scrapped or postponed measures to curb electricity consumption by Bitcoin miners in places from the Finnish border to beyond Lake Baikal, pointing to an expected decrease in tax and energy revenues as the main reason for the U-turn. Russian authorities take a step back on crypto mining ban Russia’s central government has decided to refrain from introducing restrictions on cryptocurrency mining to more regions, pausing the planned expansion of a ban that has already affected about a dozen subjects of the Federation. The change in course was adopted at a meeting of the government commission on the development of the electric power industry, chaired by Deputy Prime Minister Alexander Novak and announced in a post in the cabinet’s Telegram channel on June 5. According to the press release, participants reviewed requests from authorities in several Russian regions seeking authorization to stop mining operations that have been often blamed by local officials for electricity shortages and blackouts. Meeting of the commission on the development of the electric power industry. Source: Russian government The commission declined to ban the activities of crypto miners in the Republic of Khakassia, citing the lack of adequate projections about the deficit of electricity and generation capacity in the region. It also highlighted decreasing tax revenues and profits from distribution. Proposals to curb mining submitted by the heads of the regional governments in the Russian Republic of Karelia, bordering Finland in the northwest, and Penza Oblast, around 600 km southeast of Moscow, were withdrawn during the meeting. Furthermore, the feds decided to postpone for two…
Filed under: News - @ June 6, 2025 12:27 pm