Russia's Ministry of Finance considers introducing an excise tax on electricity for cryptocurrency miners before implementing a profit tax. Deputy Finance Minister Ivan Chebeskov stated that miners might initially be subject to an indirect tax on consumed electricity.
Ministry's Plan
Deputy Finance Minister Ivan Chebeskov announced that miners might first be subjected to an indirect tax on consumed electricity. This decision precedes a potential introduction of a profit tax on cryptocurrency mining.
Economic Impact
According to experts, cryptocurrency mining in Russia could generate about 50 billion rubles annually for the budget after 2025. However, exact revenue figures are challenging to determine, as miners may not disclose all their wallets.
Energy Consumption Control
Introducing an excise tax on electricity will allow the government to control and regulate miners' energy consumption, which has significantly increased in recent years. According to the Ministry of Energy, the total electricity consumption by miners in Russia amounts to several gigawatts, comparable to the energy consumption of large industrial enterprises.
The planned measures to introduce an excise tax on electricity may become the first step towards broader regulation of cryptocurrency mining activities in Russia, potentially bringing significant revenue to the budget.
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