🇷🇺 Russia Legalizes Crypto Mining!!!
Russia has taken a significant step in embracing cryptocurrency with the State Duma passing two pivotal laws. The first law, set to take effect on November 1, 2024, fully legalizes cryptocurrency mining in the country. Legal entities and registered entrepreneurs will be allowed to engage in mining activities, while those not registered can only operate mining rigs if they do not exceed certain energy consumption limits. Oversight of mining activities will be shared among various institutions, with the Bank of Russia holding considerable authority.
Miners will be required to report their digital currency earnings to a government-authorized body. This law also introduces a ban on advertising cryptocurrencies and offering them to the general public. The Russian government, in agreement with the Bank of Russia, will establish specific requirements for mining operations, including for participants in mining pools.
The second law, which comes into force on September 1, 2024, introduces an experimental regime allowing the Bank of Russia to authorize selected companies to conduct cross-border settlements and exchange trading in digital currencies. Companies interested in participating in this experimental regime must apply to the central bank. The experiment will explore the use of cryptocurrency for foreign trade settlements, exchange trading, and the creation of an electronic platform for cryptocurrency operations.
These legislative moves reflect Russia's strategic approach to integrating cryptocurrency into its economy, while maintaining strict regulatory oversight to ensure financial stability. The global crypto community will be watching closely to see how these changes influence both the Russian market and the broader crypto industry.
What's your opinion on this? I personally love it. Thanks Putin.
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