Russian Policymaker Says State Should Seize Crypto From Illegal Miners
Main Idea
A Russian policymaker proposes granting authorities the power to seize cryptocurrency from illegal or quasi-legal Bitcoin miners to strengthen control over mining activities and discourage unregistered operations.
Key Points
1. Russian laws require miners using over 6,000 kWh per month to register with the Federal Tax Service, but many avoid paying taxes, especially in regions like Irkutsk Oblast.
2. The proposal aims to deter 'grey' miners by confiscating their coins, which would enhance regulatory oversight of crypto mining activities.
3. Currently, Russian courts can only fine illegal crypto miners, and bailiffs have the authority to confiscate mining equipment.
4. Around 90% of Russian industrial crypto miners focus on Bitcoin (BTC), with some industry officials predicting BTC could reach a new all-time high of $150k.
5. The Russian Public Chamber, a policy-forming body, supports the proposal to seize crypto from illegal miners, arguing it would improve legal compliance.
Description
A leading Russian policymaker says authorities should be given the power to seize coins from illegal or quasi-legal Bitcoin miners . The Russian state-run news outlet TASS reported that the comments came from Yevgeny Masharov, a member of the commission of the Public Chamber of the Russian Federation for the Public Examination of Draft Laws and Other Regulatory Acts. The chamber is a policy-forming body that advises the government and lawmakers on legislative proposals. Illegal Miners Could Lose...
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