[Big news] Putin: Crypto mining is legal! Don't sell crypto assets!
On August 8, according to TASS, Russian President Putin signed a law today to legalize cryptocurrency mining in Russia. It is reported that only registered Russian legal entities and individual entrepreneurs have the right to mine. The signed law introduces new concepts, including digital currency mining, mining pools, mining infrastructure operators, address identifiers, and individuals who organize mining pool activities.
Earlier, Putin discussed the introduction and use of digital currencies with the government at a meeting on economic issues. He pointed out that this is a promising economic field and Russia must "seize the opportunity" to quickly establish a legal framework and supervision, develop infrastructure, and create conditions for circulation.
Not only that, recently, the lower house of the Russian Federal Parliament also passed a law related to encryption.
The law will fully legalize cryptocurrency mining in Russia from November 1, 2024. According to Russian News Agency, legal persons and individual industrial and commercial households registered with the Ministry of Digital Development can engage in mining, and unregistered legal persons and individual industrial and commercial households can only operate mining equipment without exceeding energy consumption limits.
Today’s market action has shown the virtue of patience, with crypto assets showing resilience today and rebounding 40% from recent lows, but there is still a lot of fear in the market.
Continue to be optimistic. Don’t sell crypto assets
