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CRY-pto, Al Majarrah Park, Sharjah (2026)

12/02/2023

---- {12 Feb 2023} ---- 1:00 PM
- NEWS:

According to a recent mission statement published by the International Monetary Fund (IMF), El Salvador has adopted bitcoin as a legal tender and has avoided risks so far. The IMF states that the risks have not materialized due to the limited use of bitcoin. However, the United Nations financial agency warns that if its legal tender status drives growth, it could pose risks to the country’s “financial integrity and stability.”
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- In summary, in case you don't want to read the full article:

The International Monetary Fund (IMF) released a statement on February 10, 2023 regarding the economy of El Salvador and its adoption of Bitcoin. The IMF acknowledges the sluggish growth of Bitcoin since it was declared legal tender in September 2021, and highlights the need for greater transparency in the government's bitcoin purchases and the Chivo wallet, which is state-owned. The IMF also raised concerns about the risks associated with Bitcoin and the need to address financial integrity, stability, fiscal sustainability, and consumer protection. The Salvadoran economy is estimated to have grown by 2.8% in 2022, but the IMF asserts that the Salvadoran Treasury still lacks access to international capital markets and highlights the need for better Anti-Money Laundering/Combating the Financing of Terrorism policies and increased fiscal transparency.
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- Full article:

On Feb. 10, 2023, the International Monetary Fund (IMF) released a concluding mission statement regarding El Salvador and its economy. The IMF visited San Salvador from Jan. 30 to Feb. 8 for the 2023 Article IV consultation. In the statement, the IMF discusses bitcoin adoption in El Salvador and states that “risks should be addressed.” Currently, the IMF acknowledges that the risks it raised in 2021 have mostly been avoided.

“While risks have not materialized due to the limited bitcoin use so far—as suggested by survey and remittances data—its use could grow given its legal tender status and new legislative reforms to encourage the use of crypto assets, including tokenized bonds (Digital Assets Law),” the IMF’s researchers detail. “In this context, underlying risks to financial integrity and stability, fiscal sustainability, and consumer protection persist, and the recommendations of the 2021 Article IV remain valid.”

El Salvador declared bitcoin as legal tender in September 2021, and since then, growth has been sluggish. The country has made regular bitcoin investments and added it to its treasury. However, the IMF emphasizes the need for more transparency in the government’s bitcoin purchases and the Chivo wallet, which is state-owned. “Greater transparency regarding the government’s bitcoin transactions and the financial status of the state-owned bitcoin wallet (Chivo) is crucial, particularly to evaluate underlying fiscal contingencies and counterparty risks,” the agency noted.

Besides the risks associated with bitcoin, the slow pace of its adoption, and adverse economic shocks, the Salvadoran economy grew rapidly last year, according to the IMF. The IMF estimates that the economy expanded by 2.8% in 2022. Amid mounting economic vulnerabilities in 2022, the IMF asserts that the Salvadoran Treasury still lacks access to international capital markets.

The IMF identifies two major issues that the Salvadoran government could address: implementing better Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) policies and increasing fiscal transparency.
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What are your thoughts about the IMF’s recommendations for the country’s financial stability and integrity? Let us know what you think about this subject in the comments section below.

12/02/2023

---- {11 Feb 2023} ---- 9:45 PM
- NEWS:

"Bit2Me Launches Debit Card Allowing for Crypto Payments and Cash Back Rewards"
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- In summary, in case you don't want to read the full article:

Bit2Me, the biggest Spanish exchange and first company recognized as a virtual service provider by the Bank of Spain, has launched a debit card. The card works across the Mastercard network, allowing for both crypto-stablecoin payments at over 90 million businesses worldwide and up to 9% cash back on payments. It can be linked to 8 cryptocurrencies, including B2M, BTC, ETH, ADA, XRP, SOL, DOT, and USDT, and allows for payments in-store and online using NFC-enabled devices. The Bit2Me card offers seamless and secure payment experiences, with features such as the ability to lock and unlock the card, set usage limits, and support for NFC. The company plans to bring support for more digital currencies in 2023. The Bit2Me debit card is a major step forward for everyday cryptocurrency users, offering ease of use and strong security features.
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- Full article:

Bit2Me, the biggest Spanish exchange, and the first company to be recognized as a virtual service provider by the Bank of Spain has just launched a long-awaited debit card. The Bit2Me debit card works across the entire Mastercard network, enabling both crypto-stablecoin payments across more than 90 million global businesses and up to 9% cash back on all payments.

The Bit2Me card can also be used in-store & online using NFC-enabled mobile devices, such as smartphones and smartwatches. Right now the card can be linked to 8 top cryptocurrencies with more to follow. Users can pay securely for goods and services with Bit2Me’s B2M, BTC, ETH, ADA, XRP, SOL, DOT, and USDT.
Both the AppStore and Android versions enable users to freely switch between multiple crypto wallets simultaneously, making payment in multiple currencies a breeze. Bit2Me intends to bring support to more digital currencies throughout 2023, so that more crypto users will be able to take advantage of all the benefits of the card, such as the 9% cash-back.
Achieving this level of cryptocurrency to Mastercard integration was not a simple process, as Leif Ferreira, CEO and co-founder of Bit2Me explains:

“Dozens of professionals have been involved in this project, and after two years of work, we have found the key to connect cryptocurrencies to the Mastercard payment network. To do this, we had to modify the transaction flow (which is part of the international card payment protocol) so that customers can use cryptocurrencies to pay instantly and transparently for businesses. Moreover, we have managed to add up to 9% cash back on purchases.”

Following their successful 30M EUR ICO in 2021, Bit2Me have been busy building their academy, integrating new tokens for trade, and of course working on improving access to Web3 technologies for the everyday user. In light of this, Bit2Me wanted to give card users a seamless and secure experience like that of a regular fiat debit card. So, unlike some competing crypto cards the Bit2Me card enables users to make cash withdrawals at ATMs, and instant online payments without the annoyance of having to manually exchange funds on the app.

Bit2Me debit card users can also rest easy knowing that secure features like the ability to lock and unlock the card, configure usage limits, and safety-related support for NFC are all at their fingertips
Striving to combine the flexibility of cryptocurrencies with the security and convenience of traditional finance has been an exciting process, as Andrei Manuel, COO and co-founder of Bit2Me states:

“Our mission is to bring the use of cryptocurrencies closer to everyone. Bit2Me Card allows you to use your cryptocurrencies easily and quickly in your day-to-day life. You can use cryptocurrencies, such as Bitcoin, or stablecoins, such as USDT, at physical or online stores.”

The Bit2Me Card is a huge step forward for the everyday cryptocurrency user with its streamlined payments, NFC-friendly software, and strong security features. As cryptocurrency use has become more mainstream, people are looking for the best features and rewards around, and with up to 9% cash-back for users, Bit2Me’s debit card looks to be a great choice for anyone who wants to get the most from their cryptocurrency use.
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How do you think the Bit2Me card will impact the everyday use of cryptocurrencies for individuals and businesses? Let me know in the comments below

12/02/2023

---- {12 Feb 2023} ---- 11:30 AM
- NEWS:

During the first week of 2023, payment service giant Paypal said it was exploring the launch of a stablecoin. At the time, an executive at Paypal stated that if the company moved forward, it would work closely with financial regulators. However, on Feb. 10, a source noted that Paypal has put the concept on hold for now amid the regulatory scrutiny of the crypto industry.
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- In summary, in case you don't want to read the full article:

Paypal has reportedly slowed its plans to develop a stablecoin, according to a recent Bloomberg report. The report cites a source with knowledge of the matter, but does not provide a specific reason for the slowdown. Paypal was exploring the creation of a stablecoin and was working with Paxos, the stablecoin issuer that is reportedly under investigation by the New York State Department of Financial Services. The recent crackdown on cryptocurrency businesses following the collapse of FTX, as well as recent fines and settlements with the SEC, may have influenced Paypal's decision to pause its stablecoin plans. Paypal holds a Bitlicense issued by the NYDFS and recently entered the cryptocurrency industry by launching a range of crypto services in 2021.
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- Full article:

On Jan. 7, 2023, it was reported that Paypal was exploring the creation of a stablecoin.“We are exploring a stablecoin,” a Paypal executive told reporters at the time. “If and when we seek to move forward, we will, of course, work closely with relevant regulators.” The multinational financial technology company, founded in Dec. 1998, is one of the largest online payment systems in the world.

However, Paypal appears to have slowed its plans to develop a stablecoin, according to a Bloomberg report citing a person with knowledge of the matter. Paypal was also working with Paxos, the stablecoin issuer that is reportedly under investigation by the New York State Department of Financial Services (NYDFS). Nikhilesh De of Coindesk learned about the alleged investigation, but was told by an NYDFS spokesperson that the agency could not comment on ongoing investigations.

Paxos manages two stablecoin projects, a tokenized gold coin, and holds a Bitlicense issued by the NYDFS. There has been a significant crackdown on cryptocurrency businesses following the collapse of FTX. Recently, crypto lender Nexo agreed to settle with the U.S. Securities and Exchange Commission (SEC) and several state regulators over its earn product. Nexo paid the regulators $45 million on a “no admit, no deny” basis and ended the program in the United States.

More recently, Kraken was fined $30 million for its staking service program and was forced to stop offering the service to U.S. retail customers. Kraken clarified that it will continue its staking services for customers outside the United States. Founder Jesse Powell is calling on Congress to issue clear regulatory guidance and protect retail investors from using offshore services.

Bloomberg’s Yueqi Yang and Jennifer Surane did not reveal the specific reason for Paypal’s decision to pause its stablecoin plans. The payments giant recently entered the cryptocurrency industry by launching a wide range of crypto services in 2021. Paypal holds an NYDFS-issued Bitlicense and converted its conditional Bitlicense to a full license in June 2022.
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What do you think about Paypal’s decision to pause their stablecoin plans? Share your thoughts in the comments section below.

12/02/2023

---- {12 Feb 2023} ---- 5:00 AM
- NEWS:

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that “everything will crash,” including gold, silver, and bitcoin. However, he sees crashes as buying opportunities, noting that he will buy more bitcoin.
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- In summary, in case you don't want to read the full article:

Robert Kiyosaki, the co-author of the New York Times best-seller "Rich Dad Poor Dad", has warned about an imminent market crash and advised not to panic, but instead to buy more gold, silver, and bitcoin. Kiyosaki views gold, silver, and bitcoin as real money, while he views the US dollar as fake money, and has expressed distrust towards the Biden administration, the Treasury, the Federal Reserve, and Wall Street. The author has warned of market crashes in the past, including the biggest crash in world history, and predicted the US dollar will crash. He has also urged investors to get into crypto before the biggest crash happens, stating that he is a bitcoin investor and considers it "people's money". However, he warned that the US Securities and Exchange Commission (SEC) may crush most other cryptocurrencies.
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- Full article:

The author of Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his warning about market crashes. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Citing that more than 144,000 people in the tech industry lost their jobs in 2022, and 66,000 more have been let go so far this year, Kiyosaki tweeted Friday that everything will crash, including gold, silver, and bitcoin. Nonetheless, he told his 2.3 million Twitter followers not to panic, adding that he will use “fake” dollars to buy more gold, silver, and bitcoin, which he called “real money.” The famous author wrote:

Crash is here … Everything will crash including prices [of] gold, silver, bitcoin. Do not panic. Good news. I will buy more gold, silver, bitcoin, real money with fake $.

Kiyosaki previously explained that gold, silver, and BTC are real money whereas the U.S. dollar is fake money “because rather than being tied to real money,” such as gold, “it was tied to the ‘full faith and credit’ of the United States.” The famous author has said on several occasions that he does not trust the Biden administration, the Treasury, the Federal Reserve, or Wall Street.

He has also repeatedly warned about market crashes, including the “biggest crash in world history.” In October last year, he said the stock, bond, and real estate markets will crash as the Federal Reserve continues to raise interest rates, advising investors to buy gold, silver, and bitcoin. He expects bitcoin investors to get richer when the Fed pivots and prints trillions of dollars.

Furthermore, the renowned author predicted in October last year that the U.S. dollar will crash. In addition, he recently said we are in a global recession, warning of soaring bankruptcies, unemployment, and homelessness.

In September last year, the Rich Dad Poor Dad author urged investors to get into crypto now before the biggest crash in world history happens. Kiyosaki previously explained that he is a bitcoin investor, not a trader, so he gets excited when BTC hits a new bottom. He said that he likes bitcoin, calling the cryptocurrency “people’s money.” While stating that he is buying more BTC, he cautioned that the U.S. Securities and Exchange Commission (SEC) will crush most other cryptocurrencies.
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What do you think about the warning by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.

11/02/2023

---- {10 Feb 2023} ---- 10:30 AM
- NEWS:

February has been a rollercoaster ride for cryptocurrency traders, with market volatility leading to high levels of price uncertainty. Following a strong start to the month, bitcoin prices have since plunged, resulting in a current bear run. However, with just over two weeks left of this short month, what else could be in store for speculators?
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- In summary, in case you don't want to read the full article:

The value of Bitcoin has been affected by a combination of factors this year, including lower levels of inflation, a slower pace of rate hikes by the Federal Reserve, and a recent crackdown by the SEC on staking services. As a result, Bitcoin's value has declined, with its current trading value at $21,690.20, the lowest point since January 20. The 10-day and 25-day moving averages have shifted downward, with the 14-day relative strength index now at a one-month low near the oversold region. There is a possibility that Bitcoin may hit a floor at $21,200, but if it holds, bulls may use it as an opportunity to make another run towards $25,000.
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- Full article:

Bitcoin has mostly traded higher this year, boosted by lower levels of inflation, which has in turn prompted the Federal Reserve to hike rates at a slower pace.

Since starting the year trading at a high of $16,621, the world’s largest cryptocurrency by market capitalization added as much as $8,000 to its value, in a four-week period.

However, last week’s rate hike which was a 25 basis point move, was followed up by a significant increase in non-farm payrolls, which confused markets.

Payrolls came in at 517,000 vs expectations of 185,000, leading to many questioning the Fed’s view that we are in a disinflationary cycle.

With macro elements confusing investors, the crypto industry saw more bearish sentiment when the U.S. Securities and Exchange Commission (SEC) cracked down on staking services, adding to the already dismal situation.

Following this, markets have mostly moved lower, with previous bulls consolidating gains from earlier in the month.

As of writing this, BTC/USD is currently trading at $21,690.20, which is its lowest point since January 20.

Looking at the chart, BTC has extended a breakout of a key price floor at $22,500 and seems to be moving towards lower support at $21,200.

In addition to this, the 10-day (red) moving average has firmly shifted course and is now nearing a downward cross, with its 25-day (blue) counterpart.

As a result of this downward shift, the 14-day relative strength index now sits at a one-month low at 45.60, and is now nearing the oversold region.

There is a strong possibility that BTC/USD will collide with a floor at $21,200, however, should this point hold, bulls will likely use this as an opportunity to make another run toward the $25,000 mark.
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Will bulls reject a breakout below $21,200 this month? Let us know your thoughts in the comments.

11/02/2023

---- {11 Feb 2023} ---- 3:30 AM
- NEWS:

The Kingdom of Saudi Arabia-based airport ground handling services firm, Saudi Ground Services, has said it plans to implement a blockchain-based document solution that allows it “to issue over 10,000 digital documents annually including licenses.” According to the firm’s Ayman Alghamdi, using this solution allows SGS to not only easily verify documents and licenses but to improve customers’ experience as well.
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- In summary, in case you don't want to read the full article:

Saudi Ground Services (SGS) is planning to implement a blockchain document solution at 28 airports in Saudi Arabia. The blockchain management solution, known as Doc Certs, will allow SGS to issue over 10,000 digital documents annually, including licenses, and will enable it to overcome the challenge of verifying documents. The implementation of the solution will improve customers’ experience and allow for easier verification of documents and licenses. The agreement between SGS and Saudi-based IR4LAB, which developed the blockchain solution, is seen as a breakthrough in the aviation industry and a successful collaboration between a blockchain startup and an established company in the adoption of new technologies.
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- Full article:

The Saudi airports ground handling services firm, Saudi Ground Services (SGS), recently said it plans to implement a blockchain document solution at 28 airports across Saudi Arabia. In a statement jointly issued with IR4LAB, a Saudi-based innovation-driven company, SGS said the solution known as Doc Certs blockchain management solution will allow it “to issue over 10,000 digital documents annually including licenses.”

Commenting on the ground handling services firm’s plans to use a solution that enables it to overcome the global challenge of verifying documents, Ayman Alghamdi, the Vice President of human resources at SGS characterized the announcement of the agreement as a historical moment for the aviation industry.

“We are very pleased to be announcing this groundbreaking solution at LEAP 2023. This is a historical moment and it’s the first initiative of its kind in the aviation industry. SGS delivers services to over 88 million passengers on 690,000 flights a year,” Alghamdi said.

Alghamdi added that the use of the blockchain solution at Saudi airports will allow SGS to not only easily verify documents and licenses but to improve customers’ experience as well.

For his part, Majd Jamal Alafifi, the co-founder and CEO at IR4LAB characterized the agreement with SGS as an example of what he called a “fruitful collaboration” between blockchain startups and established local firms “in the adoption of new technologies such as blockchain.”

The CEO said he is hopeful IR4LAB, which is described as Saudi oil giant Aramco’s “first blockchain technology investment in Saudi Arabia,” will secure similar agreements with other local companies.
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What are your thoughts on this story? Let us know what you think in the comments section below.

11/02/2023

---- {11 Feb 2023} ---- 5:30 AM
- NEWS:

Bank of New York Mellon (BNY Mellon) has revealed that its clients “are absolutely interested in digital assets.” Emphasizing the need for clear crypto regulation, the bank’s head of digital assets noted: “We need responsible actors who can offer reliable services that live up to investors’ trust.”
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- In summary, in case you don't want to read the full article:

Michael Demissie, the head of digital assets at BNY Mellon, says digital assets are "here to stay." A client survey conducted by the bank in October 2022 showed that over 90% of clients expect to invest in tokenized assets soon. Demissie believes clear regulation is needed for the responsible growth of the industry, and BNY Mellon is committed to being a trusted provider of digital asset services. BNY Mellon was among the first banks to enter the crypto space and established a digital assets division in February 2021 with the goal of building the industry's first multi-asset digital platform.
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- Full article:

Bank of New York Mellon’s head of digital assets, Michael Demissie, said Wednesday at Afore Consulting’s 7th Annual Fintech and Regulation Conference that digital assets are “here to stay,” Reuters reported. The executive was quoted as saying:

What we see is clients are absolutely interested in digital assets, broadly.

Demissie cited a BNY Mellon client survey conducted in October last year which showed that more than 90% of clients expected to invest in tokenized assets in the near future.

The bank’s head of digital assets added that deeper crypto regulation is required, the publication conveyed. “It’s important that we navigate this space in a responsible way,” he stressed, elaborating:

We absolutely need clear regulation and rules for the road. We need responsible actors who can offer reliable services that live up to investors’ trust.

BNY Mellon was among the first banks to enter the crypto space. The bank announced in February 2021 that it has formed a new digital assets unit to build the industry’s “first multi-asset digital platform.” Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon, detailed at the time: “BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets … Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field.” In September 2021, the bank wrote: “Digital assets have clearly entered the mainstream.”

Last week, the bank appointed Caroline Butler as the CEO of its digital assets division. Regelman commented:

As institutional adoption of digital assets continues to evolve, we are committed to being a trusted provider of services to the broader financial ecosystem.
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What do you think about the statement by Bank of New York Mellon’s head of digital assets? Let us know in the comments section below.

11/02/2023

---- {11 Feb 2023} ---- 7:30 AM
- NEWS:

A new law expanding the regulatory framework for cryptocurrency miners while restricting their access to low-cost electricity has entered into force in Kazakhstan. The legislation introduces a licensing regime for mining with two different categories of licenses that companies will have to renew periodically.
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- In summary, in case you don't want to read the full article:

The Republic of Kazakhstan has signed into law the "On Digital Assets in the Republic of Kazakhstan," which aims to regulate activities related to the issuance and circulation of digital assets, particularly mining. The law also defines the powers of state bodies that oversee the sector and introduces licensing for crypto miners and exchanges. The new legislation replaces the current registration system and creates conditions for the development of the crypto industry and fair competition between market participants. Mining licenses will be issued for three years and will be separated into two categories: entities that own mining infrastructure, and those that own mining hardware but rent space in crypto farms. Crypto miners will only be allowed to purchase electricity from the government-controlled centralized exchange KOREM if there is a surplus and prices will be based on market principles.
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- Full article:

The law “On Digital Assets in the Republic of Kazakhstan,” signed by President Kassym-Jomart Tokayev on Monday, has come into force. The main purpose of the new legislation, approved together with amendments to other legal acts like the Tax Code, is to regulate activities related to the issuance and circulation of these assets, most notably mining.

The changes are also aimed at creating conditions for the development of the crypto industry and fair competition between market participants, local media reported. The digital asset law, which was adopted by the parliament in late January, defines the powers of state bodies that oversee the sector and introduces licensing for crypto miners and exchanges, replacing the current registration system.

Mining licenses will be issued for a period of three years to two groups of applicants. Entities that own mining infrastructure, such as data centers meeting certain standards in terms of equipment, location, and security, fall under the first category. The second is for those that own mining hardware but rent space in crypto farms and do not apply for an energy quota directly.

A separate set of requirements has been introduced for mining pools. They must have their hardware and software installed in Kazakhstan and comply with the country’s information security rules and other applicable regulations.

Furthermore, crypto miners will be allowed to purchase electricity from the national grid only if there is a surplus and exclusively from the government-controlled, centralized exchange KOREM. However, price caps for this energy will be removed and the trading will be carried out based on market principles.

Cheap, subsidized power was one of the factors that attracted mining companies to Kazakhstan following China’s crackdown on the industry in 2021. The authorities in the Central Asian nation have blamed the growing electricity deficit on the influx of miners and taken steps to restrict consumption in the sector, including temporarily disconnecting registered facilities and shutting down illegal farms. On Jan. 1, a higher electricity surcharge was imposed on authorized miners.
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Do you think the stricter regulations and increased costs threaten Kazakhstan’s status as a mining destination? Share your thoughts on the subject in the comments section below.

11/02/2023

---- {11 Feb 2023} ---- 9:30AM
- NEWS:

A new crypto-mining facility is being built in the Russian Republic of Buryatia with support from a government-affiliated company. Construction of the infrastructure for the large-scale project is already underway, carried out by a subsidiary of Russia’s largest mining operator, Bitriver.
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- In summary, in case you don't want to read the full article:

A 100-megawatt digital coin processing center, which will host 30,000 mining machines, is set to open in Buryatia, a republic in Russia, in 2023. The project is expected to cost $12.3 million and will create around 100 jobs. The facility is being built by Bitriver-B, a subsidiary of Russia's mining giant Bitriver, and will be located in the Buryatia Priority Development Area, where a special legal regime has been established to support entrepreneurial activities. The government is providing support for the project, including reduced taxes and insurance premiums, and the facility will also pay for electricity at almost half the regular rate. The announcement follows a report that the total power capacity of Russia's industrial mining farms has exceeded 500 megawatts.
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- Full article:

A 100-megawatt data processing center dedicated to the minting of digital coins will open this year in Buryatia, a Russian republic in south-central Siberia, the Russian Far East, and the Arctic Development Corporation (KRDV) announced.

The price tag of the project is about 900 million rubles (over $12.3 million), the business news portal RBC reported, quoting a press release. The launch of the facility, which will host 30,000 mining machines, is scheduled for the first half of 2023.

Bitriver-B, a subsidiary of Russia’s mining giant Bitriver, has already started the construction of buildings, other infrastructure, and the supply of the necessary power equipment. The new enterprise will create about 100 jobs, the company said.

The bitcoin mining farm is situated in the village of Mukhorshibir, in the “Buryatia” Priority Development Area, a territory of the republic where a special legal regime has been established to facilitate entrepreneurial activities.

KRDV is a management company reporting to the Russian Ministry for the Development of the Far East and the Arctic and the President’s Plenipotentiary Representative in the Far Eastern Federal District. Its main task is to help investment projects in Russia’s Far East and the Arctic.

“Bitriver-B, which creates one of the most important enterprises for the digital development of Buryatia, has been provided with a wide range of government support tools. These are zero taxes on land and property, insurance premiums reduced to 7.6%, and a reduced income tax rate,” revealed Dmitry Khameruev, director of KRDV Buryatia. The bitcoin farm will also pay for the electricity it will use at almost half the regular tariff, the executive added.

The announcement of the major mining project comes after a report revealed last week that the total power capacity of Russia’s industrial mining farms exceeded 500 megawatts at the end of 2022. That’s despite the crypto market downturn last year and the negative effect of sanctions targeting the country’s mining potential as part of penalties imposed over the invasion of Ukraine.
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Do you think Russia will support the building of more crypto mining farms in the future? Tell us in the comments section below.

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