A recent development on the blockchain technology front in Russia, one of the design studio has created a beautiful cryptocurrency ming rig in a fashionable modular which is a customizable home mining device. It has a variety of characteristics in a place like different colors, displays, sets of pots becomes available as per the clients’ requirement. Additionally, the cryptocurrency in Russia has requested the Government to separate individual miners considered as self-employed that reduces their taxes to 3% from 13% at present.
The domestic device producers are not happy with this development in Russia saying that the mining rigs are not as much good looking as they should be. The Russian design studio has designed the home mining device such that it is tastefully pleasing and customizable. It offers a variety of features like a number of ports on the back, selection of displays on the front side of the mined coins with different colors schemes are available. Those who have created citing their beauty saying that, “More fashionable than an iPhone, the new geek’s dream.”
The new mining rig has been introduced especially when the Russian crypto community is waiting for the final decision of the Moscow authority with regards to legalization and regulations that govern crypto related activities like cryptocurrency mining. Besides this, the new legislation must govern the crypto related activities while considering numerous aspects like the circulation and exchange of cryptocurrencies with foreign fiat currency and rubles. However, the profitability and taxation on the income earned from cryptocurrencies are still prevalent issues. At present, the 13% tax is imposed on the crypto income in Russia. The latest ideas, concepts, and insights are being thought over by the Russian Association of Cryptocurrencies and Blockchain (RACIB).
Crypto Universe, one of the renowned company in Russia and RACIB have requested Anton Siluanov, Finance Minister to let private individuals deal with mining as a self-employed registered trader. However, by doing this, the taxes will decline by 3 % to 5%. As per the company’s estimate, approximately more than 350,000 individual traders, also called ‘miners’ in the Russian Federation at present. But because there are deficiencies in laws and regulations, the individual miners are executed their trade illegally. Eventually, the state treasury is losing uncollected tax around 2 billion rubles ($30 million) annually.
Let us not forget that any new technology when used and governed by proper laws and regulations adds value not only to the government but to the entire stakeholders involved in the process!!