Putin: Cryptocurrency is promising, Russia must "seize the moment"

BlockBeats news, August 8, according to TASS, Russian President Vladimir Putin signed a law today to legalize cryptocurrency mining in Russia. The signed law introduces new concepts, including digital currency mining, mining pools, mining infrastructure operators, address identifiers, and individuals who organize mining pool activities. According to the document, only registered Russian legal entities and individual entrepreneurs have the right to mine, and individuals who are not included in the register but do not exceed the energy consumption limit set by the Russian government are also entitled to engage in cryptocurrency mining. Foreign digital financial assets can be traded on the Russian blockchain platform, and the Russian Central Bank will have the right to ban certain issuances if they are found to pose a threat to Russia's financial stability.

Earlier, Putin discussed the introduction and use of cryptocurrencies with the government at a meeting on economic issues. He pointed out that this is a promising economic field and Russia must "seize the opportunity" to quickly establish a legal framework and supervision, develop infrastructure, and create conditions for circulation.