• Russia has officially legalized Bitcoin and crypto mining in the country
• The legislation will allow legal entities, individual entrepreneurs included in a register, and individuals who do not exceed the proposed energy consumption limits to mine crypto
• This move is seen as a vital step for BRICS as the alliance is considering the creation of a native digital currency using blockchain technology
In a monumental move, Russia has officially legalized Bitcoin and crypto mining. On Thursday, President Vladimir Putin signed a law that allows specified legal entities and entrepreneurs to participate in cryptocurrency mining. While the legislation restricts mining to registered individuals and companies, it is still a massive step towards embracing digital assets.
The Broader Context: BRICS and Cryptocurrency
Russia’s decision comes amid a broader push by the BRICS alliance into cryptocurrency and blockchain technology. The group of nations is exploring the creation of a digital currency to reduce dependence on the US dollar. By legalizing crypto mining, Russia is laying the groundwork for using digital assets in trade and finance.
Earlier Crypto Regulations in Russia
The legalization of mining follows other crypto-friendly moves by Russia this year. In July, the country allowed cryptocurrency payments for international trade to bypass Western sanctions. This expanded trade potential with BRICS partners like China. Now, the official sanctioning of mining provides further momentum.
The Road Ahead
The new mining law will take effect in just ten days, immediately expanding Russia’s presence in the crypto space. As BRICS continues developing its own digital currency, Russia has taken a vital step forward in embracing the blockchain future. The alliance now has a firmer foundation for reducing dollar dependence and empowering itself through virtual assets.
