Putin signs legalization of crypto mining in Russia
Russian President Vladimir Putin signed a landmark law legalizing Bitcoin and other cryptocurrency mining in Russia. This law allows Russian companies and registered individual entrepreneurs to mine digital assets, with some restrictions on energy consumption for unregistered individuals. This legislative framework also introduces new concepts such as mining pools and digital currency mining. Legalizing crypto mining could strengthen Russia's position on the international crypto scene, allowing it to compete with established regions such as the United States in terms of hashrate. The current economic context, marked by Western sanctions in response to the invasion of Ukraine, has led Russia to explore Bitcoin and other cryptocurrencies as alternatives to circumvent these sanctions. This new legislation could also pave the way for financial products such as crypto ETFs and strengthen the cryptocurrency industry in Russia
