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The state-run news agency TASS <a href="https://tass.ru/ekonomika/21895855" rel="noopener noreferrer nofollow">reported</a> that Russia plans to tax cryptocurrency miners by their electricity consumption. Deputy Finance Minister Ivan Chebeskov stated the intention on September 18 at the &#34;Future of the Insurance Market&#34; forum in Moscow.Taxing Electricity?The initial phase of the tax on cryptocurrency mining is expected to take the form of an excise tax on the electricity used by miners, which offers a simpler alternative to tracking the exact cryptocurrencies mined. Deputy Finance Minister Ivan Chebeskov emphasized the ministry&#39;s long-term preference for a profit-based tax but acknowledged the challenges associated with miners who may not fully disclose all their wallets.Consequently, taxing electricity consumption presents a more straightforward approach. Chebeskov indicated that legislation could be enacted during this autumn&#39;s session to formalize this taxation method, reflecting the complexities of accurately assessing miners&#39; profits. He stated, “We understand that this is, in principle, the correct structure – like everyone else, like any [form of] business. An intermediate system could be based on taxation in the form of excise taxes. However, so far, no decision has been made on this matter.” <a href="https://cryptotale.org/russia-to-tax-crypto-miners-based-on-electricity-consumption/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information Website | Twitter | Telegram | Instagram |

Russia to Tax Crypto Miners Based on Electricity Consumption

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