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Sergey Bezdelov, Director of the Industrial Mining Association, recently revealed that the Russian Federation mined almost 54,000 Bitcoin in 2023. This notable amount of Bitcoin mined led to an annual tax increase of 50 billion rubles ($559 million) for the state treasury.
This statement was made at the Eastern Economic Forum’s industrial mining session (EEF-2024). Remarkably, Russia’s robust mining efforts align with its strategic aim of exporting cryptocurrencies.
Russia Legalized Crypto Mining
The nation has shown a progressive and optimistic stance towards the cryptocurrency sector. Early last month, Russia’s President Vladimir Putin signed a law that officially permits Bitcoin mining. This marks a significant advancement for Russia, especially considering the previous limitations on crypto-mining locations imposed back in 2022. Notably, this crypto legalization has been going on for a long time after many discussions and debates.
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Bezdelov noted that the new regulatory framework will favor miners and investors operating in the country. The industry chief highlighted that the move makes crypto mining a recognized economic activity. It will allow legal entities to participate with proper registration or within specified energy consumption boundaries.
He said the new law is expected to encourage investments in infrastructure and contribute further to tax revenue growth and the overall economic development.
Russia Makes Bitcoin Mining Opportunities All-inclusive
The new rule, effective in November, is expected to provide broader opportunities for crypto investors and individuals looking to delve into the sector. It was reported that Russian legal entities and individual entrepreneurs listed in the Ministry of Digital Development’s register will be permitted to participate in mining.
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Additionally, Russians without individual entrepreneur status can mine, subject to government-set energy consumption limits. After registration with the Ministry of Digital Development, they are also authorized to operate as mining infrastructure operators.
Russia Set to Expand Crypto Coast
Legalizing mining is the initial phase in expanding crypto operations in Russia, a nation facing economic sanctions. Recent developments suggest that Russian authorities are exploring alternative payment systems, such as crypto payments, to navigate around these sanctions.
Reports indicate that Russia is planning to establish two crypto exchanges in Moscow and St. Petersburg to facilitate international trade. This is an effort to lessen the impact of international sanctions and is part of a broader strategy to enhance economic ties with BRICS nations. This comes after the nation confirmed the BRICS payment system in June.
