According to reports from Sputnik and TASS, Russian President Vladimir Putin said on Wednesday (17th) that Russia cannot miss the opportunity and needs to establish a legal framework for the circulation of digital financial assets (DFA) in a timely manner. and regulations.

Putin said at a meeting on economic issues:

“As they say, it is important for us in Russia not to miss the opportunity to establish legal frameworks and regulations in a timely manner, develop infrastructure, and create conditions for the circulation of digital assets within the country and with foreign partners.”

Putin also called digital currency a growing and promising field that is becoming increasingly popular around the world. In addition, he pointed out that Russia has made significant progress in the development and supervision of digital financial asset circulation, and it is necessary to widely implement the digital ruble in various economic fields.

Putin added that more than 30,000 transactions have been completed through digital rubles and "more than 27,000 transfers and more than 7,000 payments for goods and services have been completed in this system since July 1."

Anatoly Aksakov, chairman of the Russian State Duma Financial Markets Committee, told TASS news agency that Russians would be able to use digital rubles for foreign payments as soon as two years, "this will take several years."

“First of all, we need to establish a mechanism for mutual settlement in the country...The experiment will now be expanded. I think the domestic preparation or implementation of the (digital ruble) should be carried out in 2025, and it will be possible to promote it nationwide in 2026. approach, but in a gradual manner to eliminate all risks associated with introducing new features into our lives.”

Possible decision on cryptocurrency mining tax announced

Putin also said that authorities should make timely and systematic decisions on the regulation of digital currency mining, noting that nearly 1.5% of Russia's total electricity consumption is used for cryptocurrency mining. Putin emphasized:

“According to Energy Ministry estimates, Russia uses 16 billion kilowatt-hours of electricity annually for these purposes, accounting for almost 1.5% of the country’s total electricity consumption, and this number is constantly increasing.”

Putin added that if cryptocurrency mining remains unchecked, some areas will not be able to provide adequate resources for businesses, social facilities and housing. He warned:

“The uncontrolled growth of electricity consumption for cryptocurrency mining may lead to power shortages in some areas, which we have already seen in the Irkutsk region, Buryatia and Transbaikal Krai. Condition."

Putin told the meeting that Russian authorities are studying electricity price and tax decisions affecting cryptocurrency mining, stressing the need for "correct and timely decisions at the federal legislative level."

Source