Just in: President Vladimir Putin legalized crypto mining in Russia.
The past 2 years, Russia has intended to ban mining and issuance of new currency in the country to stabilize energy consumption and prevent the devaluing of Russian currency, the Ruble.
“Seize the moment” - President Vladimir Putin
This year, on 8 August 2024, President Putin signed a law for digital currency mining, mining pools, and mining infrastructure operators. In the document, Russia will collect address identifiers of people who do the mining, including those who organize the mining pool activities.
Now the question, does Russia allow the issuance of new currency?
The answer is no!
Who can conduct mining in Russia?
Russian people with legal entities and entrepreneurs are allowed to mine digital currency and need to register with the Russian government. While you don't have to register as long as you are an individual who never exceeds their electricity consumption limit, you have the ability to mine digital currency in Russia.
The international digital financial assets from mining may be traded on Russian blockchain platforms. The one who controls the blockchain based on the document, it looks like the Bank of Russia will reserve the authority whether a transaction can be processed or not to prevent financial instability in Russia.
This action might bring Bitcoin hash rate and Bitcoin difficulty to the new all time high.
