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Bitcoin megacity could rise in Russia's Siberia

• Proposal of Russian State Duma member Boris Chernyshov; "A mining city will help people make money, buy apartments and other things they need. It will replenish the state budget at the expense of taxes.".
• Russia may soon build a city in Siberia just to mine cryptocurrency.
• The city should be located in Siberia or the Far East, not far from a large hydroelectric power station.
• Mining has become popular in Siberia due to the low energy costs. Irkutsk with very low cost of electricity and has become a hub for cryptocurrency mining.

At the moment, bitcoin mining and selling are not regulated by Russian law. President Vladimir Putin has ordered the government to create legislation governing the status of bitcoin, other cryptocurrencies, mining, initial coin offerings, as well as defining everything that relates to digital money by July 2018.


Read the full article at RT.com here:
https://www.rt.com/business/410028-russ ... y-siberia/