The deputy head of Russia’s central bank Olga Skorobogatova has stated that cryptocurrency mining as a business has to be registered and taxed. The official insists that mining is more than just production of cryptocurrencies. “Mining is validation of transactions that are represented as blocks on the blockchain. Validation is.
In the latest twist of events, Russian government claimed it intends to “head and legally regulate” issuance and turnover of cryptocurrencies.
Russian Mining Center, a holding co-founded by a company owned by Russian internet ombudsman Dmitry Marinichev, has raised $43.2 million over an ICO, thus setting a new record amount raised by a local company.
Even though mining today is quite profitable, this industry may fade into oblivion in the long run, Ethereum founder Vitalik Buterin told Russian publication Kommersant.
National Bank of Ukraine Struggles to Clarify Bitcoin’s Legal Status as Mining Farms in Kyiv Raided by Police
According to the official comment by Oleg Chupriy, the deputy chairman of the National Bank of Ukraine, Bitcoin has no legal status in Ukraine.
Even though Ukraine’s legislation does not include any direct bans on cryptocurrency mining, miners have become objects of interest for the SBU, the country’s security service, and other law enforcement agencies.
The word ‘mining’ has become mesmerizing for many cryptocurrency enthusiasts and those who had never heard a thing about bitcoin, Ethereum, and other altcoins. Media report that graphics cards are short on supply, while companies selling professional mining equipment can’t handle the flood of orders.
Russia is experiencing a severe shortage of graphics cards supply. As reported by Russian publication Vedomosti, computer hardware stores are nearly out of them.