Putin officially finalized! Russia legalizes crypto mining, Bitcoin soars and returns to $60,000

Yesterday, Putin signed a law legalizing cryptocurrency mining in Russia, making cryptocurrency mining legal in Russia. Only registered Russian legal entities and individual entrepreneurs have the right to mine, and individuals who do not exceed the energy consumption limits set by the Russian government will have the right to mine digital currencies without registration.

Cryptocurrency market reaction:

Cryptocurrency rose after hearing the news, with Bitcoin breaking through $59,000 per coin, hitting a 4-day high and rising more than 7% in the day. Ethereum rebounded to near the intraday high.

New rules for foreign digital asset transactions:

Foreign digital financial assets can be traded on the Russian blockchain platform, and if the Central Bank of Russia finds a threat to Russia’s financial stability, it will have the right to ban individual issuances. The law will take effect in just ten days.

BRICS Digital Currency Strategy:

This policy is not only an important adjustment of Russia’s domestic policy, but also a key part of the BRICS’ overall digital currency strategy. In recent years, BRICS countries have been actively exploring digital assets and blockchain technology to reduce their dependence on the US dollar. Russia’s legalization of cryptocurrency marks a major step forward in this field.

Russia’s response to Western sanctions:

At the end of July, Russia also decided to allow the use of cryptocurrencies for international trade payments in response to Western sanctions, enhancing its position in global trade.

Ripple’s prospects for cooperation with BRICS countries:

Looking ahead to 2024, crypto company Ripple may become a potential participant in the BRICS payment platform BRICS Pay, further demonstrating Russia and BRICS’ determination in financial cooperation.

Russia’s future digital asset circulation plan:

Russia must “seize the opportunity” to create conditions for the circulation of digital assets, which not only reflects the leadership’s forward-looking thinking on the future of the digital economy, but also opens up new opportunities for Russia’s development in the field of cryptocurrency. With the advancement of policies and changes in the market, Russia is expected to occupy a place in the global circulation of digital assets and become an important force in promoting the development of blockchain technology and digital currency

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