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Russia Want A Cut in Bitcoin Profits

The Russian parliament yesterday (Nov 11th 2021)  proposed the legalization of bitcoin mining. The proposal was made by Andrey Lugovoi who is the first deputy chairman of the committee on security and anti-corruption. 

Russia is currently the world’s third largest BTC miners. Lugovoi’s proposal highlights that miners are profiting over $2 billion every year but the state is not getting their piece of the pie that is due to lack of clarity on regulation which would determine the taxation required for the industry. 

The nation realizes there is more to gain from taxing Bitcoin mining than just outright banning it.

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