In a significant ruling, the President of Russia, Vladimir Putin, has signed a law on Thursday to legalize crypto in Russia. This bill will enable registered Russian entrepreneurs to mine cryptocurrency. Let’s understand who will be allowed to mine crypto and where they can sell it.
On Aug. 8, Russian President Vladimir Putin officially legalized Bitcoin BTC8.71% Bitcoin and digital asset mining by signing new laws. Henceforth, a national register will decide who has the right to mine BTC in Russia.
Putin’s crypto law exempts persons with low-energy consumption mining rigs. Legal citizens operating below the government’s electricity cap can mine Bitcoin. In addition to recognizing network infrastructure like mining pools and address identifiers, Russian blockchains will allow participants to trade foreign virtual currencies.
The Bank of Russia reserves the right to ban individual assets if financial stability is threatened.
Putin’s signature on crypto laws followed two frameworks passed by the State Duma last month. Russia’s Federal Assembly lower house proposed a greenlight on crypto mining from Nov. 1 this year.
This crypto mining rule also introduces the concepts of mining pools, mining infrastructure, address identifier and the pool master to Russia.
[Source: Crypto.news – Image: Cointribune]
