Russian President Vladimir Putin has approved a law aimed at reducing the country's dependence on the U.S. dollar in international trade.
The oversight of the legalized #mining industry will be split between the Bank of Russia, the Finance Ministry and a separate cabinet of the Russian government, which will set more precise regulatory requirements in the coming months. The bill also introduces a ban on mass advertising of #cryptocurrencies in Russia.
BRICS (Brazil, Russia, India, China, South Africa and Russia) is a group of emerging economies seeking to reduce dependence on the U. S. dollar for international trade.
the BRICS bloc first introduced the idea of an alternative #digital currency at the 11th BRICS Summit in 2019. The proposal received widespread attention but faced major hurdles, including disagreements among major member states over the structure of a single currency.
In 2023, Russia again turned its attention to the development of a BRICS single currency, with State Duma Deputy Speaker Alexander Babakov saying that key members of the emerging economic bloc were working on a new currency to settle international trade.
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