Russia Legalizes Crypto Mining, Paving the Way for BRICS Digital Currency Expansion
In a significant move toward the expansion of digital currencies within the BRICS nations, Russia has taken a major step by officially legalizing Bitcoin and cryptocurrency mining. This development, marked by a new law signed by President Vladimir Putin, underscores the country's growing commitment to integrating digital assets into its economy. The legislation, which was finalized on Thursday, sets clear guidelines for who can engage in cryptocurrency mining. Specifically, it allows only registered legal entities and individual entrepreneurs to mine crypto, according to reports from Russian state media. However, the law also opens the door for individual miners, provided they adhere to government-imposed energy consumption limits.
The past few months have seen an accelerated interest in digital assets among BRICS nations, with discussions underway about creating a unified currency based on blockchain technology. This currency could play a pivotal role in reducing dependence on the US dollar, a goal that recent Russian legal actions appear to support.
As part of its broader strategy to enhance its digital currency infrastructure, Russia’s new law is expected to facilitate the trading of cryptocurrencies on domestic blockchain platforms. The legislation will come into effect within ten days, marking another milestone in Russia's progressive stance on cryptocurrency. Earlier this year, in July, Russia made headlines by allowing crypto payments in international trade, a move designed to counteract Western sanctions and boost the trading capabilities of both Moscow and the broader BRICS bloc.
In the wake of Russia's decision, countries like El Salvador have expressed interest in strengthening trade ties with Moscow, while the new law is also poised to impact trade relations with China and the United Arab Emirates (UAE). This legalization of cryptocurrency mining represents another crucial step toward a digitally-driven financial future for Russia and the BRICS alliance.