Is The Launch Of CryptoUniverse’s Mining Centre In Siberia A Path To Become A Real Crypto Hub?

Does The Launch Of CryptoUniverse’s Mining Centre In Siberia Show A Path For The Country To Become A Crypto Hub?

Austria based CryptoUniverse recently announced their plans to launch their mining center in Serbia. Cryptouniverse was founded in 2017 with the goal to revolutionize the mining hardware market. Currently, their main focus lies on the distribution of Bitcoin Mining Hardware from for the European market.

In the announcement, details about the project such as the energy capacity of 20 megaWatt, a large number of mining machines (3000 machines), and 4000 sq. Meters area were mentioned. The sight of this farm has also been decided. It will be constructed on the industrial park- ‘Levoberezhny’ in Kirishi. As per the reports, a total of 500 Million Rubles has gone into the investment towards this crypto farm’s construction.

Mining In Serbia

The usage of crypto-currencies is mostly unregulated in Serbia. The National Bank of Serbia (“NBS”) issued an official opinion stipulating that crypto-currencies may not be considered as a valid means of payment, consequently prohibiting banks and money exchange offices to accept or effect payments in these currencies. The NBS also noted that any individual or a company dealing with crypto-currencies is doing so at its own risk since no effective statutory remedies exist against potential abuse arising therefrom.

Dmitry Yalov, the Deputy Governor of the Leningrad Region said:

“Favorable conditions have been created on the territory of the Leningrad Region for the creation of mining farms. There is enough capacity in the region, so electricity prices are relatively low. This is among the undeniable advantages of the region, along with the availability of engineering sites and qualified personnel.”

As per Serbian law, it would be important that the organization incorporates the gains collected through mining in its annual financial statements in order to pay corporate profit tax. The Serbian Tax Administration must introduce provisions that would stipulate the exact means of levying taxes on crypto-currency mining in the legislation. Until then, Serbia will remain to be a neutral jurisdiction which only recognizes the existence of the virtual currencies.

Serbia has all the necessary requirements to be the next popular crypto mining destination. If they act on the regulation fast enough they can capitalize on the new farms and make the best of the present bull run.

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