Putin Legalizes Bitcoin Mining $BTC in Russia 💥
President Putin has signed the law legalizing Bitcoin and other cryptocurrency mining in Russia, marking an important milestone for the crypto industry in the country 🚀.
This decision formalizes mining activity on Russian territory, after several months of debates and legislative adjustments 📜.
According to the State Duma, the law clearly defines key terms such as "mining", "mining pool" and "mining infrastructure operator" 🛠️. In addition, it states that the requirements for Bitcoin mining will be set by the government in coordination with the Central Bank of Russia.
The law also stipulates that only Russian legal entities and registered individual entrepreneurs will be able to legally engage in Bitcoin mining 👨💼👩💼. An exception is allowed for mining operators who do not exceed certain energy consumption limits, who will be able to mine without registration ⚡.
A key part of the law is that cryptocurrencies obtained through mining can only be traded on cryptocurrency platforms within Russia 💱. The Central Bank of Russia also reserves the right to prohibit the accumulation of cryptocurrencies if it deems that there is a threat to financial stability 🏦. This implies that the Central Bank could prevent miners from accumulating the BTC they mine if they deem it necessary 🚫.
The law will come into force ten days after its official publication, which is expected to happen in the next few days ⏳.
Russia, with a hashrate of 4.66%, is currently the third country with the highest participation in Bitcoin mining worldwide 🌍, according to data from the University of Cambridge 🎓.
The formal legalization of mining in Russia could further strengthen its position in the global cryptocurrency ecosystem 💪💻.
