In a notable development for BRICS and digital currencies, Russia has officially legalized crypto mining. On Thursday, President Vladimir Putin signed a law permitting cryptocurrency mining under specified conditions.
The legislation restricts mining to “legal entities and individual entrepreneurs” listed in a government register, although individuals who adhere to energy consumption limits are also permitted to mine.
This move is part of a broader BRICS initiative to embrace digital assets. The group is exploring the creation of a blockchain-based native currency to reduce reliance on the US dollar. Recent legislative actions by BRICS nations, including Russia's, underscore this shift towards digital financial systems.
The new law, effective in ten days, will allow for cryptocurrency trading on native blockchain platforms. This follows Russia's July decision to permit crypto payments in international trade, aimed at circumventing Western sanctions and enhancing trade relations with countries like China, the UAE, and El Salvador.
Russia's legalization of crypto mining represents a key step in its and BRICS' journey towards a more digitized financial future.
