Russian Parliament Allows Cryptocurrency Mining
The Russian Duma Approves Law Legalizing Cryptocurrency Mining
In a recent session held in the Russian Duma, a law legalizing cryptocurrency mining was approved. This new law allows individuals and companies chosen by the Russian government to engage in cryptocurrency mining as long as they adhere to specified energy consumption limits.
Before this law can come into effect, it must be further reviewed and approved by the Russian Federation Council and ultimately signed off by Russian President Vladimir Putin.
This move comes on the heels of another law passed on February 27, which permits the use of digital financial assets in international payments. The Central Bank of Russia had previously recommended a complete ban on cryptocurrencies in a report from 2021. However, the situation changed with the exclusion of Russian banks from the SWIFT payment system following the conflict in Ukraine, leading to a rise in the popularity of cryptocurrencies within the country.
With these recent developments, it is clear that Russia is taking steps to adapt to the growing influence of cryptocurrencies in the global financial landscape. The approval of these laws indicates a shift towards a more accepting stance on digital assets within the country.
