Russia Legalizes Bitcoin Mining, Boosting Investor Interest and Tax Revenue

According to BlockBeats, on September 6, Sergey Bezdelov, Director of the Russian Industrial Mining Association, disclosed that Russia mined approximately 54,000 BTC last year, valued at over $3 billion. These mining activities generated around 50 billion rubles (approximately $556 million) in tax revenue for the Russian government. Bezdelov believes that the recent legalization of cryptocurrency mining will increase investor interest and further boost tax revenue. In July, the Russian State Duma passed a bill legalizing Bitcoin mining and allowing the use of cryptocurrencies in international trade. This move establishes cryptocurrency mining as a legitimate economic activity, requiring legal entities to register or comply with specific energy consumption limits.