$BTC breaks 60k as #Russia Legalized #BTC☀ mining, are we looking for new ATH?

MOSCOW, Aug. 8 (Xinhua) -- Russian President Vladimir Putin signed a law on Thursday, officially legalizing cryptocurrency mining in the country from November 2024, according to a document published on the government portal of legal information.

Under the new law, legal entities and individual entrepreneurs that are registered with the Russian Ministry of Digital Development will be allowed to engage in cryptocurrency mining. Unregistered individuals can also engage in mining only if their energy consumption doesn't exceed limits set by the Russian government.

The law will also oblige miners to submit details about the digital currency they obtain to a government authorized body. The authorized body, together with the Russian Central Bank, will have the right to impose bans or restrictions on digital currency transactions to maintain Russia's financial stability.

"It is important for Russia not to miss the moment, set up the legal framework and regulation in a timely manner, develop infrastructure, and create conditions for the circulation of digital assets, both within the country and in relations with foreign partners," Putin noted.