Author: Martin
Recently, the public statements made by Elvira Nabiullina, the Governor of the Central Bank of Russia, during an interview with RBC have attracted global attention. She clearly pointed out that cryptocurrency mining could be one of the important factors contributing to the strengthening of the ruble. Although it does not constitute a direct attribution, she acknowledged the value inflow brought by mining activities, which has become an auxiliary factor supporting the national currency exchange rate. This position marks a further clarification of Russia's regulatory attitude towards the cryptocurrency mining industry and highlights the special value of this sector in the national economy.
On November 1, 2024, the legalization bill for cryptocurrency mining in Russia officially came into effect, laying a systematic foundation for the industry's development. According to the new regulations, legal entities and individual entrepreneurs must register with the special registration office of the tax department, while individual miners must comply with a monthly energy consumption limit of 6,000 kilowatt-hours. All practitioners are required to declare their mining income in accordance with the law.
Accompanying tax policies have also been implemented, with digital currencies recognized as property. Mining and sales activities are exempt from value-added tax, while personal income tax is levied at a progressive rate of 13%-15%, and corporations are subject to a standard tax rate of 25%.
Under the policy dividends, Russia's mining industry has rapidly risen, currently holding the second position in global computing power, accounting for over 16% of the global share in summer. In 2023, the Bitcoin output was approximately 54,000 coins, contributing about 2.5 billion rubles in tax revenue to the federal budget each year.
In a special economic environment, this industry has not only created a large number of jobs and attracted foreign investment but has also effectively reduced dependence on foreign exchange through experimental cross-border cryptocurrency settlement mechanisms, indirectly providing support for the stability of the ruble.
It is worth noting that Russia has always adhered to the bottom line of financial security, clearly stating that cryptocurrencies cannot be used as a means of payment within the country, but only as investment tools. Measures such as regional mining restrictions and tiered electricity pricing have been implemented to balance energy consumption issues.
From the legalization and regulation to the improvement of the tax framework, Russia is building a cryptocurrency industry ecosystem that emphasizes both regulation and development. The connection between the mining industry and the stability of the ruble has been officially recognized, reflecting innovative exploration in the digital economy era and providing a new reference model for global cryptocurrency asset regulation.
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