There were many symptoms for this coming, but even so, it came a bit too hard, in my humble opinion: during last weekend, Kremlin published 5 orders signed by Vladimir Putin, related to crypto-currencies.
The most important one: "miners" will have to declare their activities and a procedure for their taxation should be put in practice. In the same decree there is also a requirement for a new ICO framework. Implementation deadline for this is July 1 2018.
In another decree, this time a bit more ambitious, with a deadline in March next year, Putin asks for a set of measures that will allow Russia to become a single payment platform in the Eurasian Economic Region. The technology for this platform: distributed ledgers.
It's interesting to watch how governments are trying to capture the technology and make it legit only at their level. It's ok for the central bank of Russia to use distributed ledgers, but if you are a miner using distributed ledgers, then you have to pay taxes.
Weather forecast: cold with a chance of freezing coming from the East...
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
https://steemit.com/~witnesses
If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):
Yeah, good luck getting the miners to "register." Not gonna happen! With renewable energy innovations like solar panels getting more affordable, tracking down miners will become next to impossible in a country as large as Russia.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
ha ha, good call about solar panels. But even small river turbines could make an acceptable pup-up mining setup :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hahah. Can you imagine if the crafty, rural Russians start getting into cryptocurrency mining using local river turbines? Putin and his cronies won't be able to do a damn thing.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Sooner or later it was bound to happen. What Russia did today, others will follow tomorrow. Now, we have to see how this actually impacts the miners.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah! The winter is coming!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think this kind of strong handed approach will not benefit them in the long run.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I am also curious to see the reaction of the cryptocurrency community to such practices. If this starts in Russia and other governments will follow for sure. Thanks for the post and the info.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Not every government are so "brave" as Russia.
Though of course, it's bravery only in an extremely twisted meaning.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Wait, so the central bank isn't obliged to tax after mining?
Is that serious? Really?
I mean, I can understand the logic behind (they are more trusted), but I'm still sniffing ugly inequality.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@dragosroua,
They understood the power of crypto and I like the ban on ICO :D Coz, I lost my trust on them and it will pulse existing legitimate cryptos!
Cheers~
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@dragosroua Putin gets what Putin wants! He had a chat with Vitalik not so long ago so I am sure that he's going to come out with more ninja moves :D
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
We'll see. So far, nothing unusual from him :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah! The winter is coming!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The Weather forecast was absolutely briliant!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hello Friends.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
They would only tax maybe the ones that will declare that they are mining and stuff @dragosroua
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
hahah that Weather forecast keep it cool
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Your post has been resteemed to 1943 followers
Upvote this comment if you like this service
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah, I wonder what this will do to the prices of cryptos in which Russia mines the most of. I would think the miners would want to make more money if they choose to pay the taxes therefore they might hold the coins longer.
Sigh. It will be interesting to see, but I'm assuming this might possibly be the new norm.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit