Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Cryptocurrency Mining Gets Green Light in Russia, Putin Signs New LawWho Can Mine

Cryptocurrency Mining Gets Green Light in Russia, Putin Signs New LawWho Can Mine

CointimeCointime2024/11/05 02:21
By:Cointime

From financemagnates by Jared Kirui

Russia took a significant step in legalizing cryptocurrency mining in the region. The new law has strict limitations, allowing only specific groups to undertake the activity.

A new law signed by President Vladimir Putin now recognizes crypto mining as a legal activity for entities listed in a state registry, local media agency Tass reported. This step signals the country’s desire to embrace the digital economy while controlling its potential financial impact.

Who Can Mine

Under this new legislation, only Russian legal entities and registered individual entrepreneurs may mine  digital currency . However, individual miners are not completely excluded. Those operating below a government-established energy consumption threshold can reportedly participate without registering. This is expected to give smaller, independent miners a limited path to operating legally.

The law also defines key roles within the crypto mining ecosystem, introducing terms such as  mining pool , mining infrastructure operator, and address identifier. These additions aim to create a structured and regulated environment for digital currency mining within the country.

The law allows the trading of foreign digital financial assets on Russian  blockchain  platforms. Yet, this comes with a restriction: the Bank of Russia retains the power to halt specific offerings if they are deemed a threat to financial stability.

A Controlled Approach

This provision aims to ensure that the country’s central bank maintains oversight and the capacity to intervene if necessary. Earlier this year, President Putin reportedly highlighted the economic potential of digital currencies in a government meeting, emphasizing the urgency of establishing a legal framework.

He framed digital assets as a strategic opportunity, noting that a clear regulatory environment would allow Russia to move quickly into this promising area.

Besides that, Russia announced plans to test  digital rubles  for real-world use cases last year. In a statement issued by the country's central bank, Russia highlighted plans to begin issuing the digital currency for broad use cases if the pilot project is successful.

The plan includes testing transactions, including opening digital wallets for the ruble, money transfers, transfers between users, payments of bills, and purchasing goods and services using digital currency.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!