Bitcoin mining legalized in Russia
Russian President Vladimir Putin has signed a law that legalizes cryptocurrency mining in the country.
The decree, signed by President Putin, officially makes cryptocurrency mining legal in Russia starting from November.
According to the decree, individuals and companies designated by the Russian government will be allowed to mine cryptocurrencies, provided they do not exceed the specified energy consumption limits.
A Shift from 2021's Ban Consideration
In 2021, the Central Bank of Russia proposed a complete ban on cryptocurrencies in a report. However, the use of cryptocurrencies became increasingly widespread in Russia following the exclusion of Russian banks from the SWIFT payment system due to the war in Ukraine.
On July 30, the Governor of the Central Bank of Russia, Elvira Nabiullina, stated that the use of cryptocurrencies in international payments might begin by the end of the year.
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