Vladimir Putin, the president of the Russian Federation, signed a cryptocurrency bill on August 8, making it legal for anybody to mine cryptocurrencies in the nation as of November 1, 2024.
President of the Russian Federation Vladimir Putin on August 8 signed a law on cryptocurrency, thereby legalizing cryptocurrency mining activities in the country from November 1, 2024. This law has been posted on the official gazette portal.
The terms “mining,” “mining” organizations, and “mining” (cryptocurrency) infrastructure operators are defined by law.
The legislation permits businesses and legal organizations to both “mine” cryptocurrencies. If they stay within the energy consumption restrictions imposed by the Russian government, other citizens are also allowed to mine bitcoin.requirements for the actions of people and organizations that mine cryptocurrencies In compliance with the agreement with the nation’s central bank, the number will be managed by the Russian government. Certain areas of Russia will have the authority to prohibit the “mining” of digital currency by the government.
This measure was passed by the Russian State Duma (House of Representatives) on July 30. The Department of Digital Development will maintain a specific record that includes operators of infrastructure used for “mining” cryptocurrencies.
