The ban on crypto assets in Russia

The State Duma has again issued an initiative in its characteristic manner, which proposes to bancryptocurrency turnover in Russia, even criminalresponsibility. If this law is adopted in the form of a ban, then this will not particularly harm cryptocurrency holders, because It is almost impossible to track transactions, as well as to prove that a crypto wallet belongs to a specific citizen. In addition, in Belarus there is a wonderful crypto exchange currency.com, which we have already written about many times, the advantage of which is the absolute legality of all transactions with cryptocurrency for Russians: the exchange is licensed by the National Bank of Belarus, has an account in Sberbank and a Russian Taxpayer Identification Number, accepts Russian rubles. Mining will be a little more difficult. Small farms with a capacity of up to 30 kW will be able to disguise themselves in the private sector, and large farms will have to change their location to neighboring countries, because the risks will be significant.

However, in the spirit of developments and action plansof our government, we expect the law to act not in the form of prohibition, but in the form of regulation. The state will try to take control of the circulation of cryptocurrency and tax the income from these transactions. Perhaps the Belarusian experience will be applied and a Russian exchange will be created, and cryptocurrency will be completely legalized. For mining, this is the best option, because... this will significantly expand the investment horizon from the current 1-2 years to 5-10 years.

In any case, the adoption of this law will notfast. Taking into account the fact that the development is in its early stages, the start of regulation of crypto assets in Russia will begin no earlier than 2022. Thus, investments in mining made now have no risks, because The period of effective use of the equipment is 2-3 years, and payback is achieved in approximately 1 year.