Russia | ForkLog

ForkLog 23 27.11.2024

Russian Ministry Urges Delay in Digital Ruble Launch

Russian retail networks require a two-year transition period to prepare for operations with the digital ruble, according to the Ministry of Industry and Trade’s response to a bill on initiating transactions in the national currency, reports Izvestia. The ministry believes the timelines set by the regulator are “excessively swift” and pose risks to trade. “It […]

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ForkLog 31 26.11.2024

Russia Formalises Bitcoin Taxation

On November 26, the State Duma passed a law on the taxation of digital currency in both the second and third readings, as reported by TASS. Cryptocurrency is now recognised as property. The tax base is determined by the excess of the asset’s value over the costs of its purchase or mining. Individuals selling cryptocurrency […]

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ForkLog 12 25.11.2024

Bank of Russia Considers Unified App for Digital Ruble

The Bank of Russia has received a proposal from the ARB to develop a unified mobile application for digital ruble transactions, aiming to reduce infrastructure costs for the new national currency. This was reported by Vedomosti. The digital ruble is planned to be mandatory for implementation in all banks: those with a universal license by […]

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ForkLog 6 22.11.2024

Russia Develops AI System to Detect Collusion in State Auctions

The Higher School of Economics (HSE) has unveiled an AI model designed to detect collusion in state auctions. The system successfully identified cartels in over 90% of cases, reports Kommersant. The current antitrust control system faces challenges due to the scale of the public procurement market. In 2023, 2.4 million contracts were signed, amounting to […]

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ForkLog 40 22.11.2024

Bank of Russia Releases Report on Real-World Asset Tokenization

The Bank of Russia has unveiled a report dedicated to the specifics of tokenizing real-world assets (RWA). According to the regulator, converting geographically tied assets into a digital format enhances their potential by increasing liquidity and making them more accessible to a broader range of investors. The central bank noted that globally, attitudes towards tokenization […]

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ForkLog 14 21.11.2024

Russian Finance Minister Yet to Embrace Cryptocurrency Wallet

Anton Siluanov, Russia’s Finance Minister, has expressed interest in acquiring cryptocurrencies but has yet to take any steps in that direction. The official made this statement in an interview with the television channel Russia-24. “I’m interested, but I don’t have a crypto wallet,” he said. Previously, Siluanov highlighted volatility as the main risk of using […]

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ForkLog 24 20.11.2024

Challenges of Cryptocurrency Mining Bans in Russian Regions

The prohibition of legal cryptocurrency mining in Russian regions is likely to increase the risk of some miners turning to illegal activities, according to experts cited by TASS. Sergey Sasim, Director of the Centre for Research in Electric Power at the National Research University Higher School of Economics, described the government’s proposed restrictions as a […]

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ForkLog 108 18.11.2024

Regions in Russia with the Most Affordable Cryptocurrency Mining

The Irkutsk region, Khakassia, and Dagestan offer the lowest electricity tariffs in Russia, making them the most cost-effective areas for cryptocurrency mining. These calculations were provided by the rating agency ACRA. Analysts referred to the government-set energy consumption limit for individual miners at 6000 kWh, which does not require registration with the FTS. In the […]

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ForkLog 15 16.11.2024

Russia Recognises Digital Currencies as Property for Tax Purposes

On Friday, November 15, the Russian government approved amendments to the draft law on mining, regulating the taxation of cryptocurrency. Digital currencies have been recognised as property for taxation purposes. Income in the form of cryptocurrencies obtained through mining will be accounted for at market value at the time of receipt. However, these can be […]

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ForkLog 11 15.11.2024

Russia to Impose Cryptocurrency Mining Ban in Select Regions Until 2031

Russia’s Ministry of Energy has proposed a ban on cryptocurrency mining in several regions from December 1, 2024, to March 15, 2025, with the possibility of extending the restrictions. This was reported by Kommersant. The list of federal subjects includes cities and districts in the Irkutsk region, Buryatia, and the Trans-Baikal Territory. After March 15, […]

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ForkLog 10 12.11.2024

Russia’s Proposed Cryptocurrency Tax: Experts Weigh In

Participants in the crypto market require a clear taxation mechanism for asset trading, but high rates could stifle innovation. Authorities will struggle to monitor individual transactions until Russian exchanges are established. The crypto community is unclear about how much, to whom, and why they should pay. In Russia, work has resumed on a bill concerning […]

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ForkLog 23 12.11.2024

Russia Approves Tax Provisions for Bitcoin Transactions

On November 11, a government commission approved a draft amendment concerning the taxation of cryptocurrency transactions, as reported by Izvestia. The original document was prepared in 2020 and passed its first reading in February 2021. Work on it resumed following the implementation of mining regulations. Key Figures The bill designates digital currency as property and […]

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