ALBAWABA - Russian President Vladimir Putin signed a new law that allows cryptocurrency mining in Russia. This new law will change the cryptocurrency market in Russia, according to the Russian news agency TASS.
New cryptocurrency law in Russia
The new law in Russia introduces new concepts related to various stages of mining, including cryptocurrency mining, mining pool, mining infrastructure operator, and the individual regulating mining pool activities.
According to the new law, cryptocurrency mining is limited only to Russian legal entities and individual entrepreneurs. Foreign digital financial assets will be traded on Russian blockchain platforms, while the Central Bank of Russian Federation will have the right to ban the launch of individual issues if they happen to pose a threat to the country's financial stability.
According to the new law, cryptocurrency mining is limited only to Russian legal entities and individual entrepreneurs. (Shutterstock)
It is worth mentioning that the Russian president discussed the introduction and use of cryptocurrencies earlier with his government. Putin highlighted the promising economy in the region and how it is important for Russia to seize the available opportunities to create legal and regulatory framework, develop infrastructure, and create adequate trading digital assets conditions.
The new law will be implemented ten days after its official publication, some sections of the law will be applied on different dates.
