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š·šŗRussia Officially Adopts Cryptocurrencies for International Tradeš
Russia Officially Adopts Cryptocurrencies for International Trade
As of September 1, 2024, Russia has officially embraced cryptocurrencies for conducting international trade, marking a significant shift in global economic practices. This move, announced today, positions Russia at the forefront of integrating digital currencies into traditional trade frameworks.
The decision to utilize cryptocurrencies aims to streamline cross-border transactions, reduce dependency on traditional financial systems, and enhance trade efficiency. By leveraging blockchain technology, Russia seeks to facilitate faster, more secure transactions while potentially bypassing certain economic sanctions and trade barriers.
This development is expected to have broad implications for international trade dynamics, potentially influencing other nations to consider similar strategies. The adoption of cryptocurrencies by a major global player like Russia underscores the growing legitimacy and influence of digital assets in the global economy.
As this initiative unfolds, it will be important to monitor how it impacts global trade patterns, regulatory responses, and the broader acceptance of cryptocurrencies in international finance. Keep an eye on Binance for updates and detailed analyses on this transformative development.#Russian #cryptotipshop #BitcoinTherapist
As of September 1, 2024, Russia has officially embraced cryptocurrencies for conducting international trade, marking a significant shift in global economic practices. This move, announced today, positions Russia at the forefront of integrating digital currencies into traditional trade frameworks.
The decision to utilize cryptocurrencies aims to streamline cross-border transactions, reduce dependency on traditional financial systems, and enhance trade efficiency. By leveraging blockchain technology, Russia seeks to facilitate faster, more secure transactions while potentially bypassing certain economic sanctions and trade barriers.
This development is expected to have broad implications for international trade dynamics, potentially influencing other nations to consider similar strategies. The adoption of cryptocurrencies by a major global player like Russia underscores the growing legitimacy and influence of digital assets in the global economy.
As this initiative unfolds, it will be important to monitor how it impacts global trade patterns, regulatory responses, and the broader acceptance of cryptocurrencies in international finance. Keep an eye on Binance for updates and detailed analyses on this transformative development.#Russian #cryptotipshop #BitcoinTherapist
Russian Authorities Postpone Launch Of Central Bank Digital Currency (CBDC)
The launch of the Russian Central Bankās digital currency, also known as the digital ruble, has been postponed indefinitely due to the insufficient legislative system for its implementation, according to local financial authorities. Originally, the launch was scheduled for April, with a simulation test planned for 13 local commercial banks, as well as a pilot phase for payments to trade and service enterprises.
Anatoly Aksakov, Chairman of the Russian Financial Services Commission, explained that the digital currency will not be implemented under an experimental legal framework, and that the launch and experiments have been postponed until further notice. However, he expressed optimism that the related law will be adopted next month and come into effect in May.
It is worth noting that the Russian authoritiesā first central bank digital currency pilot project will not include participation from general individual customers. The implementation of policies related to the digital ruble is expected to begin in earnest in 2025.
In August of last year, the Central Bank of Russia announced its plan to implement a comprehensive monetary policy related to the digital ruble by 2025. The bank aims to complete the use of the digital ruble in an environment without internet connection and the establishment of a network with non-bank financial institutions and exchanges by then. Connection with credit institutions such as general banks is scheduled for 2024.
The digital ruble platform prototype was completed by the local central bank in December 2021, and a consumer-to-consumer payment experiment was conducted in January of last year. The Russian authorities are eager to launch their central bank digital currency and are working towards creating a robust legislative system for its implementation.
#Russian #CBDC #crypto2023 #BTC #azcoinnews
This article was republished from azcoinnews.com
Anatoly Aksakov, Chairman of the Russian Financial Services Commission, explained that the digital currency will not be implemented under an experimental legal framework, and that the launch and experiments have been postponed until further notice. However, he expressed optimism that the related law will be adopted next month and come into effect in May.
It is worth noting that the Russian authoritiesā first central bank digital currency pilot project will not include participation from general individual customers. The implementation of policies related to the digital ruble is expected to begin in earnest in 2025.
In August of last year, the Central Bank of Russia announced its plan to implement a comprehensive monetary policy related to the digital ruble by 2025. The bank aims to complete the use of the digital ruble in an environment without internet connection and the establishment of a network with non-bank financial institutions and exchanges by then. Connection with credit institutions such as general banks is scheduled for 2024.
The digital ruble platform prototype was completed by the local central bank in December 2021, and a consumer-to-consumer payment experiment was conducted in January of last year. The Russian authorities are eager to launch their central bank digital currency and are working towards creating a robust legislative system for its implementation.
#Russian #CBDC #crypto2023 #BTC #azcoinnews
This article was republished from azcoinnews.com
Russian President Vladimir Putin: š·šŗ
The West constantly prints money. Money alone does not feed you. People need food. They increase inflation by printing money. The poor are getting poorer. The elites of the West do not want to solve the increasing food and financial crisis in the world.
what do you think about this. š¬
#Russia #Putin #Moscow #Russian
The West constantly prints money. Money alone does not feed you. People need food. They increase inflation by printing money. The poor are getting poorer. The elites of the West do not want to solve the increasing food and financial crisis in the world.
what do you think about this. š¬
#Russia #Putin #Moscow #Russian
Russia Goes Crypto: Putin Signs Groundbreaking Law to Legalize Mining!
Russian President Vladimir Putin signed a law legalizing cryptocurrency mining in Russia, effective November 2024. The law allows registered entities and entrepreneurs to mine crypto, with non-registered individuals limited by energy consumption caps. Miners are required to report their digital currency acquisitions to the government. The Russian Central Bank, alongside an authorized body, can regulate crypto transactions to ensure financial stability. Putin highlighted the importance of regulating digital assets to enhance Russia's role in international trade and finance.
#BitcoinMining #Mining100Million #bitcoin #Russian #Putin
Russian President Vladimir Putin signed a law legalizing cryptocurrency mining in Russia, effective November 2024. The law allows registered entities and entrepreneurs to mine crypto, with non-registered individuals limited by energy consumption caps. Miners are required to report their digital currency acquisitions to the government. The Russian Central Bank, alongside an authorized body, can regulate crypto transactions to ensure financial stability. Putin highlighted the importance of regulating digital assets to enhance Russia's role in international trade and finance.
#BitcoinMining #Mining100Million #bitcoin #Russian #Putin
**#Russian President Vladimir Putin Legalizes Cryptocurrency Mining**
Russian President Vladimir Putin has formally enacted new legislation that legalizes cryptocurrency mining within the country. The new law categorizes mining as part of cryptocurrency circulation, setting it apart from the issuance process. Importantly, individual miners can now operate without formal registration, as long as their energy usage remains within government-set limits. This legislation represents a major regulatory shift in Russiaās stance on digital assets.
#Russia #Putin #CryptoMining
Russian President Vladimir Putin has formally enacted new legislation that legalizes cryptocurrency mining within the country. The new law categorizes mining as part of cryptocurrency circulation, setting it apart from the issuance process. Importantly, individual miners can now operate without formal registration, as long as their energy usage remains within government-set limits. This legislation represents a major regulatory shift in Russiaās stance on digital assets.
#Russia #Putin #CryptoMining
š·šŗ #Russian President #Putin says the Quran is sacred for Muslims and disrespecting it is a crime in #Russia .
#moonbix #BTC60KResistance
#moonbix #BTC60KResistance
š·šŗ Russian miners produced over 54,000 #bitcoins š°valued at $3 billion in 2023, generating $556 million in tax revenue.
President Putin recently signed a law fully legalising #crypto mining starting in November.
#RussiaCrypto #Russia #Russian #Marketupdates
President Putin recently signed a law fully legalising #crypto mining starting in November.
#RussiaCrypto #Russia #Russian #Marketupdates
Chinese Banks Reject Russian Payments, Boosting Use of Crypto
#Chinese regional banks, once vital for processing #Russian payments, are now rejecting these transactions due to concerns about secondary sanctions.
This has led to the rise of alternative methods such as cryptocurrency and barter to maintain trade between Russia and China.
The smooth flow of Russian-Chinese trade is now disrupted as Chinese regional banks halt yuan-based transactions from Russia. This change, reported by Izvestiya, follows a pattern of banks pulling back due to fears of being hit by secondary sanctions. Ekaterina Kizevich from Atvira confirmed her bank notified her of a payment suspension in July.
Russian firms are exploring options like using Russian bank branches in China, though this can increase costs by up to 5%. Barter trading is also being considered, though itās not feasible for all goods.
Cryptocurrency is emerging as a key solution, with stablecoins being used by Russian metal producers for transactions with Chinese suppliers since June. As new laws regulating crypto payments come into effect, their use in bypassing traditional financial systems and potential sanctions may become more prevalent.
#BinanceLaunchpoolTON #MarketDownturn
#LowestCPI2021
This has led to the rise of alternative methods such as cryptocurrency and barter to maintain trade between Russia and China.
The smooth flow of Russian-Chinese trade is now disrupted as Chinese regional banks halt yuan-based transactions from Russia. This change, reported by Izvestiya, follows a pattern of banks pulling back due to fears of being hit by secondary sanctions. Ekaterina Kizevich from Atvira confirmed her bank notified her of a payment suspension in July.
Russian firms are exploring options like using Russian bank branches in China, though this can increase costs by up to 5%. Barter trading is also being considered, though itās not feasible for all goods.
Cryptocurrency is emerging as a key solution, with stablecoins being used by Russian metal producers for transactions with Chinese suppliers since June. As new laws regulating crypto payments come into effect, their use in bypassing traditional financial systems and potential sanctions may become more prevalent.
#BinanceLaunchpoolTON #MarketDownturn
#LowestCPI2021
Reporter: "#Zelensky says that #Russia plans to use tactical #nuclear weapons."
#Russian Foreign Minister: "He says many things. Depends on what he drinks or what he smokes."
#BinanceLaunchpoolHMSTR
#Russian Foreign Minister: "He says many things. Depends on what he drinks or what he smokes."
#BinanceLaunchpoolHMSTR
JUST IN: šøš¦ š·šŗ #SaudiArabia 's Crown Prince Mohammed bin Salman meets with #Russian Foreign Minister Sergei Lavrov.
#CPI_BTC_Watch #TelegramCEO #DOGSONBINANCE
#CPI_BTC_Watch #TelegramCEO #DOGSONBINANCE
š¦š²š½šš²šŗšÆš²šæ šš“, š®š¬š®š°
šØšØšØPro-Russian hackers reportedly crashed Taiwan š¹š¼ Stock Market website on Thursday,
Local media reported this was part of a distributed denial of service, or DDoS, attack on the #Taiwanese government by a pro-#Russian hacker group in retaliation for comments made by Taiwanese President William Lai.
šØšØšØPro-Russian hackers reportedly crashed Taiwan š¹š¼ Stock Market website on Thursday,
Local media reported this was part of a distributed denial of service, or DDoS, attack on the #Taiwanese government by a pro-#Russian hacker group in retaliation for comments made by Taiwanese President William Lai.
Russia to Prioritize Supplying Energy for Social Development Over Bitcoin Mining
#Russia #Russian #RussiaCrypto #bitcoināļø #BTCā
Russia will prioritize using its energy for social development instead of Bitcoin mining, according to the Ministry of Energy. Energy Minister Sergei Tsivilev stressed that if there is a surplus in certain areas, this power can be supplied to legal and registered energy miners operating outside the āgrayā zone.
#Russia #Russian #RussiaCrypto #bitcoināļø #BTCā
Russia will prioritize using its energy for social development instead of Bitcoin mining, according to the Ministry of Energy. Energy Minister Sergei Tsivilev stressed that if there is a surplus in certain areas, this power can be supplied to legal and registered energy miners operating outside the āgrayā zone.
#BinaceSquareCreatorAward
šš¢Russia is making a significant move in the cryptocurrency arena by planning to launch two crypto exchanges, one in Moscow and another in St. Petersburg. This initiative is part of Russia's broader strategy to establish itself as a key player in the global digital economy, particularly as Western sanctions push the country to explore alternative financial systems.The Moscow exchange is expected to cater primarily to institutional investors, offering a platform for large-scale crypto transactions and potentially integrating with the nation's central bank digital currency (CBDC) projects. Meanwhile, the St. Petersburg exchange will likely focus on retail investors, providing a more accessible platform for individuals looking to trade cryptocurrencies.This move underscores Russia's intent to develop a robust domestic cryptocurrency market, reducing reliance on foreign exchanges and enhancing financial sovereignty. The dual-exchange approach also highlights the country's strategy to cater to different segments of the crypto market, balancing institutional needs with retail interests.By launching these exchanges, Russia is not only aiming to solidify its position in the digital finance sector but also to counteract the economic pressures from international sanctions, thereby reinforcing its financial independence on the global stage.#Russian #CryptoNewsCommunity #CryptoDecision
šš¢Russia is making a significant move in the cryptocurrency arena by planning to launch two crypto exchanges, one in Moscow and another in St. Petersburg. This initiative is part of Russia's broader strategy to establish itself as a key player in the global digital economy, particularly as Western sanctions push the country to explore alternative financial systems.The Moscow exchange is expected to cater primarily to institutional investors, offering a platform for large-scale crypto transactions and potentially integrating with the nation's central bank digital currency (CBDC) projects. Meanwhile, the St. Petersburg exchange will likely focus on retail investors, providing a more accessible platform for individuals looking to trade cryptocurrencies.This move underscores Russia's intent to develop a robust domestic cryptocurrency market, reducing reliance on foreign exchanges and enhancing financial sovereignty. The dual-exchange approach also highlights the country's strategy to cater to different segments of the crypto market, balancing institutional needs with retail interests.By launching these exchanges, Russia is not only aiming to solidify its position in the digital finance sector but also to counteract the economic pressures from international sanctions, thereby reinforcing its financial independence on the global stage.#Russian #CryptoNewsCommunity #CryptoDecision
š·šŗš„Russian Finance Minister: Cryptocurrencies should not be banned
#Russian Finance Minister Anton Siluanov stated that cryptocurrencies should not be banned and should be regulated. "I believe that we will eventually meet with the central bank on a middle way," the minister told Tass, the country's official news agency.
Russia, especially known for its opposition to #Cryptocurrencies before the outbreak of the Ukrainian war in 2022, has started to warm up to this area thoroughly after the sanctions. Anton Siluanov, the country's finance minister, stated in a statement that cryptocurrencies should not be banned.
"Since we can't ban...ā
Speaking to Tass, the Russian state news agency, Siluanov said that he thinks the central bank and the ministry of finance will reach an agreement on this issue soon, and used the following statements:
āI think we will eventually reach an agreement with the central bank. This issue has always been a topic of discussion in recent years. If we can't ban it, then we need to know how to take advantage of it. First of all, I think we need to regulate. I am sure that we will find a solution as a result of the work with the central bank.ā
āWe will also discuss miningā
On the other hand, Siluanov also touched upon the issue of mining and said, āWe need to hold meetings about the scale at which crypto mining will be used. We have agreed with the central bank on this issue. We'll talk. We will also look at whether the cryptocurrencies obtained at the end of mining can be used for payments inside and outside the country,āhe said.
It also drew attention to the fact that the finance minister did not say Bitcoin when using the term ācryptocurrenciesā or that the agency gave the news in this way.
Russia also stands out as one of the countries that have carried the tests to the most advanced level on central bank digital currencies (CBDCs).
#BTC #binance #Bitcoin
#Russian Finance Minister Anton Siluanov stated that cryptocurrencies should not be banned and should be regulated. "I believe that we will eventually meet with the central bank on a middle way," the minister told Tass, the country's official news agency.
Russia, especially known for its opposition to #Cryptocurrencies before the outbreak of the Ukrainian war in 2022, has started to warm up to this area thoroughly after the sanctions. Anton Siluanov, the country's finance minister, stated in a statement that cryptocurrencies should not be banned.
"Since we can't ban...ā
Speaking to Tass, the Russian state news agency, Siluanov said that he thinks the central bank and the ministry of finance will reach an agreement on this issue soon, and used the following statements:
āI think we will eventually reach an agreement with the central bank. This issue has always been a topic of discussion in recent years. If we can't ban it, then we need to know how to take advantage of it. First of all, I think we need to regulate. I am sure that we will find a solution as a result of the work with the central bank.ā
āWe will also discuss miningā
On the other hand, Siluanov also touched upon the issue of mining and said, āWe need to hold meetings about the scale at which crypto mining will be used. We have agreed with the central bank on this issue. We'll talk. We will also look at whether the cryptocurrencies obtained at the end of mining can be used for payments inside and outside the country,āhe said.
It also drew attention to the fact that the finance minister did not say Bitcoin when using the term ācryptocurrenciesā or that the agency gave the news in this way.
Russia also stands out as one of the countries that have carried the tests to the most advanced level on central bank digital currencies (CBDCs).
#BTC #binance #Bitcoin
Russia Legalizes Bitcoin and Cryptocurrency Mining šŖš·šŗ
Russia has taken a significant step in embracing the world of digital currencies by officially legalizing Bitcoin and cryptocurrency mining. This move marks a notable shift in the countryās approach to the crypto industry, positioning it as a key player in the global crypto economy.
ššš
$BTC
What Does This Legalization Mean? š¤
The legalization of Bitcoin and cryptocurrency mining in Russia provides a formal framework for individuals and businesses engaged in mining activities. It allows them to operate openly, without fear of legal repercussions, and encourages the development of the crypto mining industry within the country.
Key Highlights of the Legalization š
1. Regulatory Clarity: The new legislation provides clear guidelines on how mining operations should be conducted, including compliance with local laws and regulations.
2. Taxation Policies: Miners will be subject to specific taxation rules, ensuring that their earnings from mining activities are properly accounted for and taxed by the government.
3. Energy Consumption Management: Given that mining is an energy-intensive process, the legislation also addresses how energy consumption will be managed, particularly in regions with abundant energy resources.
Why Is Russia Embracing Crypto Mining? š·šŗš”
- Harnessing Energy Resources: Russia has vast energy resources, including natural gas and hydroelectric power, which can be used to power mining operations. By legalizing mining, Russia can capitalize on these resources to generate revenue from the booming crypto market.
ššš
$BTC
- Economic Diversification: The Russian economy, traditionally reliant on oil and gas, is seeking diversification. The legal crypto mining industry offers a new avenue for economic growth and innovation.
- Strategic Positioning: As global interest in cryptocurrencies grows, Russia aims to position itself as a leader in the crypto space, potentially influencing global crypto regulations and markets.
Implications for the Global Crypto Market š
Russiaās decision to legalize crypto mining could have wide-reaching effects on the global crypto market:
- Increased Bitcoin Supply: With more miners operating legally in Russia, the global supply of newly mined Bitcoin could increase, potentially influencing its market price.
- Shift in Mining Power: Russiaās entry into legal mining could shift the balance of mining power, particularly as China has cracked down on mining activities within its borders.
- Attracting Global Investments: The legal framework might attract foreign investments into Russiaās crypto mining sector, boosting the country's economy and further integrating it into the global crypto ecosystem.
Conclusion: A New Era for Russian Crypto Mining š
Russiaās legalization of Bitcoin and cryptocurrency mining is a bold move that could reshape the global crypto landscape. As the country opens its doors to this digital gold rush, it will be interesting to see how this development influences both the domestic economy and the broader cryptocurrency market. Whether youāre a miner, investor, or crypto enthusiast, Russiaās latest move is one to watch closely.
ššš
$BTC
#BTCā #Russia #Russian #CryptoMarketMoves #SuperMacho
ššš
$BTC
What Does This Legalization Mean? š¤
The legalization of Bitcoin and cryptocurrency mining in Russia provides a formal framework for individuals and businesses engaged in mining activities. It allows them to operate openly, without fear of legal repercussions, and encourages the development of the crypto mining industry within the country.
Key Highlights of the Legalization š
1. Regulatory Clarity: The new legislation provides clear guidelines on how mining operations should be conducted, including compliance with local laws and regulations.
2. Taxation Policies: Miners will be subject to specific taxation rules, ensuring that their earnings from mining activities are properly accounted for and taxed by the government.
3. Energy Consumption Management: Given that mining is an energy-intensive process, the legislation also addresses how energy consumption will be managed, particularly in regions with abundant energy resources.
Why Is Russia Embracing Crypto Mining? š·šŗš”
- Harnessing Energy Resources: Russia has vast energy resources, including natural gas and hydroelectric power, which can be used to power mining operations. By legalizing mining, Russia can capitalize on these resources to generate revenue from the booming crypto market.
ššš
$BTC
- Economic Diversification: The Russian economy, traditionally reliant on oil and gas, is seeking diversification. The legal crypto mining industry offers a new avenue for economic growth and innovation.
- Strategic Positioning: As global interest in cryptocurrencies grows, Russia aims to position itself as a leader in the crypto space, potentially influencing global crypto regulations and markets.
Implications for the Global Crypto Market š
Russiaās decision to legalize crypto mining could have wide-reaching effects on the global crypto market:
- Increased Bitcoin Supply: With more miners operating legally in Russia, the global supply of newly mined Bitcoin could increase, potentially influencing its market price.
- Shift in Mining Power: Russiaās entry into legal mining could shift the balance of mining power, particularly as China has cracked down on mining activities within its borders.
- Attracting Global Investments: The legal framework might attract foreign investments into Russiaās crypto mining sector, boosting the country's economy and further integrating it into the global crypto ecosystem.
Conclusion: A New Era for Russian Crypto Mining š
Russiaās legalization of Bitcoin and cryptocurrency mining is a bold move that could reshape the global crypto landscape. As the country opens its doors to this digital gold rush, it will be interesting to see how this development influences both the domestic economy and the broader cryptocurrency market. Whether youāre a miner, investor, or crypto enthusiast, Russiaās latest move is one to watch closely.
ššš
$BTC
#BTCā #Russia #Russian #CryptoMarketMoves #SuperMacho
Week in #reviews
The government intends to raise import duties on alcohol and flowers from unfriendly countries. The duty on strong alcohol will be 20%, but not less than ā¬3 per liter; on wine ā 25%, but not less than $2 per liter; on cut flowers ā 20%. The new rates will be in effect until the end of this year.
The ban on the export of #Russian gasoline, which was suspended at the end of May, resumed on August 1. The Ministry of #energy announced a decision to extend the ban into September-October "as a precaution."
The State Duma passed a law allowing the use of cryptocurrency for cross-border settlements in foreign trade contracts. This opportunity can be realized only within the framework of an experimental legal regime.
Starting September 1, the #CentralBanking of the Russian Federation will begin creating a special platform for cross-border settlements in cryptocurrencies, with the first payments expected by the end of this year. The work will be conducted jointly with BRICS partners, and the creation of an independent financial settlement platform, "BRICS Bridge," will be discussed at the #BRICSSUMMIT in Kazan in October.
Russian-Turkish trade turnover decreased by 14% over six months, to $26.3 billion. Supplies from Turkey to Russia fell by 26.5%, to $4.3 billion, while Russian exports decreased by 10.4%, to $22 billion.
The government intends to raise import duties on alcohol and flowers from unfriendly countries. The duty on strong alcohol will be 20%, but not less than ā¬3 per liter; on wine ā 25%, but not less than $2 per liter; on cut flowers ā 20%. The new rates will be in effect until the end of this year.
The ban on the export of #Russian gasoline, which was suspended at the end of May, resumed on August 1. The Ministry of #energy announced a decision to extend the ban into September-October "as a precaution."
The State Duma passed a law allowing the use of cryptocurrency for cross-border settlements in foreign trade contracts. This opportunity can be realized only within the framework of an experimental legal regime.
Starting September 1, the #CentralBanking of the Russian Federation will begin creating a special platform for cross-border settlements in cryptocurrencies, with the first payments expected by the end of this year. The work will be conducted jointly with BRICS partners, and the creation of an independent financial settlement platform, "BRICS Bridge," will be discussed at the #BRICSSUMMIT in Kazan in October.
Russian-Turkish trade turnover decreased by 14% over six months, to $26.3 billion. Supplies from Turkey to Russia fell by 26.5%, to $4.3 billion, while Russian exports decreased by 10.4%, to $22 billion.
Russia's warning to France regarding potential political interference in the case involving Telegram CEO Pavel Durov highlights escalating tensions. This move underscores the geopolitical complexities affecting global tech leaders. As for Binance, if this situation impacts the broader market or cryptocurrency regulations, it's essential to stay updated through official news channels and market analysis.#Russian #PavelDurov #Gravity
Russia Will Export Crypto Like It Exports Gas!
Members of parliament in Russia are working on a comprehensive bill that could allow the export of cryptocurrencies obtained from mining activities. This bill could come into force in 2024 and allow Russian miners to export their cryptocurrencies.
The #Russian Ministry of Finance is considering the export of digital currencies obtained from mining activities in the country. The Ministry states that this process will work similar to the country's natural gas exports.
Deputy Finance Minister Ivan Chebeskov announced at a table meeting on āThe future of cryptocurrencies and digital financeā that Russian miners may receive permission to sell their digital currencies as export goods. Chebeskov made the following statements in this regard:
There is an option and scheme to use cryptocurrency exports as a product of mining activity. For example, there is special legislation for gas exports. Using this example, we developed a concept, a project, so that a miner can export his product, that is, digital money, as an export good. "Such a legal initiative is being created in our country."
#Russia hosts many miners due to its rich resources and low electricity costs. Chebeskov emphasized that the Ministry of Finance and the Bank of Russia have a common stance on accepting cryptocurrency mining as an industry. He also stated that they adopted an experimental approach aimed at exploring the feasibility of paying with digital currencies in foreign economic activities.
The bill submitted by the State Duma in November 2022 aims to legalize cryptocurrency mining. The bill includes strict regulations on the process of miners selling their currencies and digital currency advertising and offers. Additionally, the bill also allows the sale of digital currencies mined on foreign platforms.
$BTC $BNB $ETH
Members of parliament in Russia are working on a comprehensive bill that could allow the export of cryptocurrencies obtained from mining activities. This bill could come into force in 2024 and allow Russian miners to export their cryptocurrencies.
The #Russian Ministry of Finance is considering the export of digital currencies obtained from mining activities in the country. The Ministry states that this process will work similar to the country's natural gas exports.
Deputy Finance Minister Ivan Chebeskov announced at a table meeting on āThe future of cryptocurrencies and digital financeā that Russian miners may receive permission to sell their digital currencies as export goods. Chebeskov made the following statements in this regard:
There is an option and scheme to use cryptocurrency exports as a product of mining activity. For example, there is special legislation for gas exports. Using this example, we developed a concept, a project, so that a miner can export his product, that is, digital money, as an export good. "Such a legal initiative is being created in our country."
#Russia hosts many miners due to its rich resources and low electricity costs. Chebeskov emphasized that the Ministry of Finance and the Bank of Russia have a common stance on accepting cryptocurrency mining as an industry. He also stated that they adopted an experimental approach aimed at exploring the feasibility of paying with digital currencies in foreign economic activities.
The bill submitted by the State Duma in November 2022 aims to legalize cryptocurrency mining. The bill includes strict regulations on the process of miners selling their currencies and digital currency advertising and offers. Additionally, the bill also allows the sale of digital currencies mined on foreign platforms.
$BTC $BNB $ETH