New Law Paves the Way for Crypto Payments and Mining in Russia
In a bold move to counteract Western sanctions, Russia’s State Duma has passed a groundbreaking law that legalizes cryptocurrency payments and mining starting from September 1. This legislation marks a significant shift in Russia’s financial landscape, allowing the country to explore alternative avenues for international trade and economic resilience.
Central Bank to Oversee Experimental Crypto Transactions
The new law entrusts the Central Bank of Russia with the responsibility of overseeing these “experimental” cryptocurrency transactions. This oversight is crucial as Russia navigates the complexities of integrating digital currencies into its economy. The law is designed to ensure that these transactions are conducted securely and within the boundaries of the country’s financial regulations.
Tightly Regulated Crypto Mining to Bolster Russia’s Economy
In addition to legalizing crypto payments, the law also permits cryptocurrency mining but under strict regulations. By tightly controlling this process, Russia aims to harness the economic benefits of crypto mining while mitigating potential risks. Deputy Chairman Vladimir Chistyukhin emphasized the urgency of this initiative, stating, “What used to seem unpopular…must be tried as soon as possible.”
