Documents on these two laws were published on the official portal of the Russian government, where the new law on cryptocurrency mining, including Bitcoin, in Russia will come into force starting next November, and the other law opens the way for the use of cryptocurrencies on an experimental basis in foreign trade and in transactions, and the Central Bank of Russia has been tasked with regulating these operations.
The document defines the procedures and conditions for mining cryptocurrencies in Russia, and legal entities and individual entrepreneurs included in the register of the Russian Ministry of Digital Development will have the right to engage in mining activities with the aim of introducing cryptocurrencies into the Russian economy.
Following the Russian President signing a law on cryptocurrency mining, the world’s most popular cryptocurrency, Bitcoin, rose sharply in Russian stock exchange trading, rising by 5.14 percent to $57,977.78, according to trading.
It is noteworthy that Russian President Vladimir Putin signed a law last July on launching the digital ruble in the country, in addition to launching an electronic platform for the Russian digital currency, as the Russian Central Bank “Bank of Russia” intends to allow foreign banks to operate with the digital ruble starting in 2025.
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