Articles for tag: Bitcoin, crypto mining, Cryptocurrencies, digital currencies, international transactions, Russia, Sanctions

December 25, 2024

Russia Embraces Bitcoin and Crypto Assets for Cross-Border Transactions, Finance Minister Confirms New Financial Strategy

Russia is increasingly using Bitcoin and other cryptocurrencies to circumvent Western sanctions imposed after the invasion of Ukraine. Finance Minister Anton Siluanov announced that businesses are beginning to adopt digital currencies for international transactions, aided by recent government legislation that recognizes cryptocurrencies as property for foreign trade. However, starting in 2025, Russia plans to restrict ...

December 25, 2024

Market News

Crypto

Russia Embraces Bitcoin and Crypto Assets for Cross-Border Transactions, Finance Minister Confirms New Financial Strategy

Russian companies are increasingly turning to Bitcoin and other cryptocurrencies as a way to navigate Western sanctions and facilitate international payments. This shift comes after the imposition of sanctions following Russia’s invasion of Ukraine, which hindered access to traditional banking methods. Finance Minister Anton Siluanov announced that Russia has modified its regulations to recognize digital ...

December 14, 2024

Market News

Crypto

Crypto Miners Adopt MicroStrategy’s Bitcoin Strategy: A Shift in Digital Asset Investment Trends

Crypto miners are increasingly adopting a Bitcoin accumulation strategy, similar to MicroStrategy, to cope with profitability challenges. Factors like the April reward halving, which reduced Bitcoin earnings per block, and a rising network hashrate are intensifying competition in mining. Instead of selling off their Bitcoin to cover expenses, many miners are choosing to hold onto ...

November 29, 2024

Market News

Crypto

Putin Signs Law Recognizing Digital Currencies as Property, Exempting Crypto Mining and Sales from VAT Benefits

Russian President Vladimir Putin has approved a new law that officially recognizes digital currencies as property in foreign trade. This law introduces tax exemption for cryptocurrency mining and related sales from value-added tax (VAT). However, operators of mining facilities must report their clients to tax authorities to avoid fines. Mining profits will be taxed as ...

November 29, 2024

Market News

Crypto

Putin Signs Law Recognizing Digital Currencies as Property, Exempting Crypto Mining and Sales from VAT Benefits

Russian President Vladimir Putin has recently signed a law that officially recognizes digital currencies as property for foreign trade settlements. This new legislation includes significant updates to the tax framework for cryptocurrency activities. Specifically, crypto mining and sales will be exempt from value-added tax (VAT), but operators must inform tax authorities about their clients or ...

October 31, 2024

Market News

Revolve Labs faces skepticism over its noisy crypto-mining proposal as residents demand quieter alternatives amidst community concerns.

Revolve Labs, formerly Bit49, hopes to generate revenue from its new AI data center, allowing it to move or shut down its current facility. At a recent public hearing in Glencoe, residents expressed concerns about the company’s past performance as neighbors, particularly regarding noise from its crypto-mining operations. While some residents are skeptical of Revolve ...