Russian President Vladimir Putin has approved a law that legalizes cryptocurrency mining in the country, two and a half years after the country's central bank called for a complete ban on such activities.
The law, which Putin has just signed, introduces various new terms related to the field of digital currency mining, such as mining pools, mining infrastructure operators, and address identifiers, according to Russian state-owned news agency TASS.
The law states that only Russian legal entities and individual entrepreneurs registered with the government can mine. However, individuals can mine digital currencies without registration as long as the energy consumption does not exceed the limits set by the government.
The legalization reflects President Putin's position on the activity, which is in stark contrast to that of the Russian Central Bank.
Putin rejected the central bank's proposal to ban cryptocurrencies in January 2022, saying that the country has a "competitive advantage" in the mining sector. He pointed out that the country's abundant electricity and well-trained workers could be the driving force of the ecosystem
