Russia Legalizes Bitcoin Mining and International Trading Using Crypto

Bittime - On July 25, Russia's State Duma passed a law allowing Bitcoin mining and allowing international trade using cryptocurrencies.  

Impact of New Law on Bitcoin Mining

The newly passed law is scheduled to take effect on September 1 and is still awaiting final approval. The voting results showed that 404 votes were in favor of this law, which is equivalent to 89.8% of the total votes. 

With this law, Russia will establish a regulatory framework governing crypto mining activities, thereby ensuring compliance with tax regulations, and preventing illegal operations.

One of the main features of this law is the legalization of Bitcoin mining. Although crypto is still banned for domestic payments, this law marks a significant shift in Russia's attitude towards digital assets. 

By officially regulating Bitcoin mining, Russia seeks to harness the economic potential of the industry while overcoming existing regulatory challenges.

Economics and Regulation in Russia

This new policy is a response to the challenges faced by the Russian banking sector due to international sanctions and regulatory restrictions. These sanctions have disrupted trade relations with key partners such as China, India, the United Arab Emirates (UAE) and Turkey. 

By allowing the use of crypto for international trade, Russia hopes to overcome some of the obstacles caused by sanctions and improve trade relations with these countries.

This law is also expected to provide legal clarity and certainty for crypto industry players in Russia. With a clear regulatory framework in place, it is hoped that more investment and innovation will emerge in this sector, which in turn could provide a positive boost to the Russian economy.

Tax Regulations and Compliance

One important aspect of this law is the establishment of a regulatory framework for crypto mining activities. This law aims to ensure that mining activities comply with applicable tax regulations. 

With this regulation, Russia hopes to prevent illegal practices that may arise in the crypto industry and ensure that all mining activities are carried out transparently and in accordance with the law.

Additionally, the law also includes provisions to monitor and regulate the use of crypto in international trade. This is expected to strengthen Russia's position as a global player in the crypto sector and provide greater economic benefits for the country.

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. I'm done is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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