Miners in Belarus were promised significant tax breaks

After the ban on crypto mining in China, the lion’s share of Chinese miners changed their place of residence. Many moved to the US and Canada, some settled in the Irkutsk region, after which its authorities began to complain about sharply increased volumes of energy consumption.

Some miners relocated from China to Kazakhstan, which by August 2021 put that country in second place after the US in terms of bitcoin production. As CNews reported, Russia at that time held the third spot in the ranking.

It is still unclear whether a total ban on cryptocurrencies will affect a mass relocation of Russians to other countries. Recall that at the end of 2017 the President of Belarus Alexander Lukashenko signed the decree “On the Development of the Digital Economy”, which legalized the existence and use of cryptocurrencies in the country. The document gives individuals the right to own coins, as well as exchange them for Belarusian or foreign currency or electronic money. Also, ordinary citizens of Belarus gained the ability to gift and bequeath tokens to each other, as well as engage in their mining. Moreover, according to the decree, mining is not considered entrepreneurial activity and will not be taxed. In other words, mining in Belarus was officially legalized, and all miners were promised significant tax benefits.

Now up next is the relocation of miners from Russia, since the latest news stunned everyone, and on top of that the market crashed today.

The decree is in effect until January 1, 2023

Dad always follows the news and is always on trend! Whatever they ban somewhere, they apparently allow in Belarus! Well, I remember when in 2009 they shut to ….grandmother all the casinos – already at 10 all the casinos were working at full strength and at 11 such an amazing play started in Minsk and I’ll say, back then it was fun to fly to Minsk almost every week. Those were the days! (Until by 2014 they had drained and squeezed out all the real players, both ours and the visiting ones)))) but that’s of course lyrical, still on topic!

By the way, back then the Belarusian segment of the economy in all industries reacted vividly to the opening of the gambling industry after the ban in Russia and everyone was doing very well!

So if they realize that it all works in their favor, then with another decree like that they could extend it again. Because in Belarus you aren’t surprised by anything, anything can happen. 

That’s a problem too?!)))))))

and as for relocating the miners………but I think most of them have long been living in two countries, those who are really doing this on a large scale