Bank

Bitcoin

Solend

<ul>
 <li>A major change in the country’s stance toward cryptocurrencies is marked by the measure.</li>
 <li>The government has the power to prohibit cryptocurrency mining in certain areas.</li>
</ul>
A law to legitimize <a href="https://thenewscrypto.com/defunct-crypto-exchange-mt-gox-transfers-47500-bitcoin-worth-3-2b/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> mining has reportedly been passed by Russia’s Duma. This measure, which was approved on the first reading, lays the groundwork for a digital currency mining sector that is regulated. A major change in the country’s stance toward cryptocurrencies is marked by the measure. Which seeks to limit illicit activity, solicit investments, and provide employment opportunities.
A group of deputies spearheaded by <a href="http://aksakov.ru/ru/person/biography_summary" target="_blank" rel="noopener noreferrer nofollow">Anatoly Aksakov</a>, Chairman of the Duma Committee on Financial Markets, proposed a measure that lays out specific regulations for Bitcoin mining. As to the RIA Novosti report, the goal is to decrease illicit mining operations and associated crimes via the implementation of stringent regulations.
Budget and Taxes Committee member Nikita Chaplin claims that the rule will make it more difficult to engage in illicit activities using digital currency.
<h3 class="wp-block-heading" id="h-stringent-compliance">Stringent Compliance</h3>
Moreover, the Russian government and the <a href="https://www.cbr.ru/eng/" target="_blank" rel="noopener noreferrer nofollow">Bank of Russia</a> will work together to establish these guidelines. Furthermore, compliance will be monitored by the Ministry of Digital Development to guarantee that mining operations follow the set regulations.
Furthermore, according to the report, the government has the power to prohibit cryptocurrency mining in certain areas if deemed essential. In this nation, mining may only be done by officially recognized businesses or individuals.
In the meantime, the measure authorizes the sale of digital currency that has been mined independently of Russia’s information infrastructure. Nevertheless, it forbids the use of crypto for anything other than mining and distribution inside mining pools within <a href="https://thenewscrypto.com/crypto-market-sees-green-amidst-binances-russian-exit/" target="_blank" rel="noopener noreferrer nofollow">Russia</a>.&nbsp;
Promoting digital currency issuance-related products and services, as well as advertising or selling cryptocurrencies to the general public, is likewise prohibited. The bill will take effect on September 1, 2024, if enacted.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/solend-rebrands-to-save-and-expands-innovative-product-offerings/" target="_blank" rel="noopener noreferrer nofollow">Solend Rebrands to Save and Expands Innovative Product Offerings</a>

Russia’s Duma Passes Law to Legitimize Bitcoin Mining in the Nation

Table of Contents

TheNewsCrypto

Egyéb ezen a dátumon (2024. júl. 24.) megosztott cikkek

Telegram’s Catizen Secures Major Funding from Binance Labs to Innovate Web3 Entertainment on TON

New Memecoin Pepe Eats Solana (PEPEATS) Will Rally 19,000% Before Exchange Listings, As SHIB and ...

Mark Cuban Sees Kamala Harris as Crypto-Friendly Candidate

Hex Trust gets initial nod for payment institution license in Singapore

Biden's Exit Spurs Bullish Outlook? Citi Upgrades Coinbase Amid Favorable Crypto Regulatory Shifts

Tron Founder Justin Sun Spotlights Major HTX Milestone

Join our free newsletter for daily crypto updates!