Gokil, Putin Allows Crypto Mining In Russia!

Russian President Vladimir Putin legalized crypto mining. (Photo; Doc. Crypturing)

JAKARTA - Russian President Vladimir Putin has just signed a law that legalizes cryptocurrency mining, marking a significant change in the country's digital policy. This implies Russia's efforts to regulate and take advantage of digital currencies, despite facing pressure from international sanctions. With this new regulation, Russia is ambitious to become a major player in the global crypto industry.

In a recent economic meeting, Putin emphasized the importance of building a solid legal framework and clear regulatory guidelines to optimize the potential of digital assets.

"Russia must take advantage of this opportunity to develop its digital infrastructure," said Putin.

This law introduces concepts such as digital currency mining, mining pools, and mining infrastructure operators. Mining is now recognized as legal economic activity, not just an effort to generate digital currencies.

This new regulation limits mining activities to only registered legal entities in Russia and individual entrepreneurs. However, individuals who meet the government's energy consumption limit are allowed to mine without registration. The government will also set special standards for those who want to enter this sector.

In addition, this regulation aims to prevent misuse of digital currencies, such as money laundering. Each miner is required to report how to obtain digital assets and provide identification to government agencies. Rosfinmonitoring, Russia's financial regulatory body, will monitor and record suspicious activities.

Initially, this bill proposed a ban on mining currency trading in Russia. However, after the revision, foreign digital asset trading on Russia's blockchain platform is now permitted. However, the Central Bank of Russia remains authorized to ban certain issuances if deemed at risk of financial stability.

This law also stipulates restrictions for individuals who have been involved in economic crimes or extremist activities to engage in mining. In addition, the government has the authority to limit mining activities in areas with high electricity consumption, as an effort to maintain national energy stability.

With this new regulation, Russia is taking major steps to take advantage of blockchain technology, while ensuring economic security and stability amid global challenges.