Russia enact new cryptocurrency laws, allowing mining, experimental use in foreign trade

8/11/2024 5:43:56 AM

(MENAFN) Russian President Vladimir Putin has recently enacted two significant laws concerning cryptocurrency. The new legislation, published on the official Russian government portal, will implement regulations for cryptocurrency mining, including Bitcoin, starting this November. Additionally, the laws facilitate the experimental use of CryptoCurrencies in international trade and transactions. The Central bank of Russia has been designated as the regulatory body overseeing these new operations. The legislation outlines the procedures and conditions for mining cryptocurrencies within Russia, permitting legal entities and individual entrepreneurs listed in the Russian Ministry of Digital Development’s register to engage in such activities. The goal is to integrate cryptocurrencies into the Russian economy more effectively.

Following the signing of these laws, Bitcoin experienced a notable surge in value during trading on the Russian stock exchange, increasing by 5.14 percent to reach USD57,977.78. This rise reflects the market’s positive reaction to the new regulatory framework. In addition to these recent developments, President Putin had signed another law in July introducing the digital ruble and an electronic platform for its use. The Russian Central Bank, known as Bank of Russia, is preparing to enable foreign banks to transact with the digital ruble beginning in 2025. These initiatives indicate a significant shift in Russia's approach to digital currencies and their integration into the country's financial system.

MENAFN11082024000045015682ID1108541404

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.