In anticipation of government regulation of the crypto market, Russians are preparing to mine, rolling up their sleeves, and purchasing “gray” equipment from China.
The first undeclared farms for generating cryptocurrency were detained at the largest Russian-Chinese border crossing back in 2014. In 2017, seventeen administrative cases were initiated regarding the import of this electronic equipment, and since the beginning of this year there have already been eight similar cases.
It is Russian citizens who import the equipment, despite the fact that the document regulating cryptocurrency mining has not yet been adopted. According to the draft law “On Digital Financial Assets”, published at the beginning of the year, mining is a business activity. Therefore, such equipment does not belong to personal use, but is a device for making a profit. That is why customs requires the presentation of a certificate of conformity from the manufacturer, “Electromagnetic compatibility of technical equipment” and a mandatory customs declaration.
Today, a clear position of the Russian government regarding mining has not been indicated and the import of equipment for coin mining into Russia is limited. Devices must have certificates, licenses and other permits that allow them to be sold in the territory of the Customs Union.
The final version of the bill on the regulation of cryptocurrencies in the Russian Federation, which should be prepared in the first half of this year, is still expected. But crypto enthusiasts are already preparing for active mining “wholesale and retail”. At the beginning of the year, the first purchase of a power plant in Udmurtia by private investors took place. The new owners confirmed the idea of using the power of Gubakha Energy Company LLC to create the largest data center and cryptocurrency mining.
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