In a landmark move, Russian President Vladimir Putin has recently signed a historic law that grants legal status to cryptocurrency mining. This legislation marks a new economic era for Russia, where the power of digital currencies is now being officially recognized. Last week, the Russian government released an official document online detailing the specifics of this law. 🪙✨
The law provides clear guidelines for cryptocurrency mining, mining pools, and mining infrastructure operators. It also outlines the rights and responsibilities of all participants in the cryptocurrency mining market, ensuring a transparent framework for the industry. 🔑👨💻
Under this new law, cryptocurrency mining is no longer merely a process for generating digital currency; it has now been officially recognized as a legitimate business activity. However, only legally registered Russian institutions and individual entrepreneurs will be allowed to engage in cryptocurrency mining. A notable provision allows independent miners to participate without registration, provided their involvement remains within government-determined limits. 💼📈
Additionally, foreign digital asset holders will be permitted to conduct business on Russia's blockchain platforms. However, if these assets are deemed a threat to the country's financial stability, the Central Bank of Russia retains the authority to ban foreign digital assets. 💸🚫
The law also introduces some restrictions: cryptocurrency advertising and the solicitation of numerous customers for purchases have been banned. Furthermore, mining activities may be prohibited in certain regions, marking a significant regulatory step. 🌍🚫
According to the official website, this cryptocurrency law will come into effect 10 days after its formal publication, though some provisions will be implemented at different times. 📅⚖️
Earlier, on July 17, 2024, President Putin raised the issue of cryptocurrency and digital asset regulation during a government meeting. He described digital currencies and blockchain technology as highly promising sectors for Russia's economy. He further emphasized the importance of establishing an immediate legal framework, regulatory system, infrastructure development, and creating conditions for cooperation with both domestic and international partners. 🌐🤝
Moreover, just last week, Putin signed a law permitting experimental foreign trade settlements in cryptocurrency. Elvira Nabiullina, Governor of the Bank of Russia, remarked, “By the end of this year, the regulator will conduct the first cross-border cryptocurrency payments.” 💳🌍
With this legislation, Russia aims to create a controlled and transparent environment for cryptocurrency mining and the use of digital assets, opening new opportunities for both national economic stability and international trade. This decisive move signals that Russia is forging ahead into a promising digital future. 🔮🚀
📢 Join our Telegram channel