Russia is on the verge of legalizing cryptocurrency mining with the recent approval of a bill by the Federation Council. This legislation aims to allow selected businesses authorized by the central bank to engage in cross-border settlements and exchange trading in digital currency.
Upon signing by President Vladimir Putin, legal entities and individual entrepreneurs approved by the Ministry of Digital Development and Mass Media will be permitted to conduct virtual currency mining. However, the law includes a ban on advertising cryptocurrencies and offering them to the public, with enforcement commencing ten days after publication.
Crypto miners will also be required to report digital currency obtained through mining to the government. The amendments regulating the mining process are expected to take effect on November 1, along with a special experimental regime allowing selected companies to use cryptocurrency for international payments and exchange trading.
This legislation marks a significant shift towards cryptocurrency acceptance in Russia, where crypto is currently not legal for payments. With Bank of Russia chief Elvira Nabiullina aiming for the first cross-border crypto payments by the year’s end.
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