Russian President Putin Signs Law Legalizing Cryptocurrency Mining
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Russian President Vladimir Putin has officially signed a law that legalizes cryptocurrency mining within the country. This legislative action classifies mining as a turnover component rather than a currency issuance.
The law includes new phrases like digital currency mining, mining pool, and mining infrastructure operator and will take effect ten days after its official publication.
According to a report by Russian news agency TASS, the new legislation introduces several key concepts, including digital currency mining, mining pools, and mining infrastructure operators. Under the new law, mining activities are recognized as part of turnover rather than digital currency issuance.
The legislation stipulates that only Russian legal entities and individual entrepreneurs registered with the government can engage in cryptocurrency mining. Individual miners can participate without registration, provided their energy consumption stays within government-set limits.
Furthermore, the law allows for trading foreign digital financial assets on Russian blockchain platforms. However, the Bank of Russia retains the authority to prohibit the placement of certain assets if they threaten the country’s financial stability.
During a recent government meeting, President Putin emphasized the importance of Russia “seizing the moment” to establish a legal framework for digital currencies. He pointed out the potential benefits of digital currencies for Russia’s economic development and highlighted the need for appropriate regulation and infrastructure.
The law is
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