Russia legalizes cryptocurrency mining
A representations of cryptocurrency Bitcoin placed on U.S. dollars in this illustration taken, January 24, 2022. (Reuters)
Russia’s State Duma, the lower house of parliament, has approved a law legalizing cryptocurrency mining.
During a session in the Duma, the law allowing the legalization of cryptocurrency mining was passed.
According to the new legislation, individuals and companies designated by the Russian government will be allowed to mine cryptocurrencies as long as they do not exceed specified energy consumption limits.
For the law to come into effect, it must be approved by the Federation Council of Russia and then signed by Russian President Vladimir Putin.
On Feb. 27, the Duma also passed a law allowing the use of digital financial assets for international payments.
In 2021, the Central Bank of Russia called for a complete ban on cryptocurrencies in a report, but the use of cryptocurrencies has increased following the exclusion of Russian banks from the SWIFT payment system due to the war in Ukraine.
