Bitcoin Mining now Legalized in Russia

[pawanjain]

Russia is doing whatever it takes for them to avade the Western sanctions. But it's a good news for Bitcoin at least.

It will be interesting to know the proposed energy consumption limit and how the mining companies or individual miners are taxed.

The international politics is very complex. I see why Russia is looking forward for a cryptocurrency related financial system for the international trade as well. Because China is trying very hard to push Yuan for every trade they are completing with their BRICS allies. Russia has to find an alternative soon enough to counter this.

Russia has already imposed a ban on crypto as a legal tender in Russia and has no uplifted it yet.
They have just allowed crypto to be used for cross border payments to get around the US sanctions.
Yes, it would be interesting to see how the miners are taxed now that they have allowed mining in Russia.

[bitLeap]

Because China is trying very hard to push Yuan for every trade they are completing with their BRICS allies. Russia has to find an alternative soon enough to counter this.

I don't think Russia accepting cryptocurrency payments or allowing domestic bitcoin mining is intended to counter China's use of the yuan. The BRICS bloc has a common goal of reducing its dependence on the USD and then seeking to completely eliminate the USD from transactions within the bloc. And to do that, they need to have a common voice, join forces and agree with each other on the bloc's issues. Fighting and competing will not bring good results for the bloc and I think the co-founders of the bloc understand that better than anyone else. So I don't think Russia has that intention.

If we look at its competitor, the US, which is busy taking care of the presidential candidate campaign and crypto regulations there, still waiting for Trump's victory, then Russia is trying to get involved in the Bitcoin mining industry early. Russia's move does not want to be outdone in terms of policies that will benefit them in the future. This is good news for those who are getting out of the dollar circle as they have done with Brics. The message that must be emphasized for us in the future is not to hesitate to collect more bitcoins, because when countries start to look at it, it means that the existence of bitcoin really plays a role in modern finance. We must not be silent when they are already moving.

[Blitzboy]

So, Russia decides to legalize Bitcoin mining. Big news, right? This is bigger than just some regulatory update. On world events, this is a power play. Consider that. They are adopting Bitcoin mining and using cryptocurrencies for foreign negotiations. They are saying, "We're not just playing by your rules anymore, we're making our own."

Folks, this is a major deal. It concerns more than only wealth. It is about authority, impact, control. Russia's embracing Bitcoin is a statement of openness for commerce but on terms. They are betting on decentralisation, on blockchain, on a time when the old guidelines have no bearing.

One could argue either this is a benefit or a drawback. One thing is definite though: its revolutionary. It might produce fresh divisions and strife or a more democratic, open financial system. Still, thats a bold action.

[Z-tight]

Folks, this is a major deal. It concerns more than only wealth. It is about authority, impact, control. Russia's embracing Bitcoin is a statement of openness for commerce but on terms. They are betting on decentralisation, on blockchain, on a time when the old guidelines have no bearing.

I don't believe that Russia with its dictator ruler cares about BTC, decentralization or even the blockchain, they are only taking decisions that benefits them and one that would help them evade sanctions. The miners that are going to mine from China will be under strong government surveillance, i would not be surprised if the Russian government would try to blacklist addresses using miners mining from their region. In short, it is hard to be excited about any news coming out of Russia, for obvious reasons.

[Findingnemo]

Bitcoin mining is legal in other countries as well but not completely, there are many countries you can google it where bitcoin minig is legal in one state and illegal in other states. As Russia is among biggest economies of the world this news will have great impact. Let see when countries like US and China start accepting it as payment mode and allow their citizens to have complete access to bitcoin.

In US Bitcoin is legal and if anyone want they can accept it but it's not made into a legal tender and highly unlikely to be. In China only God knows the status cause they banned Bitcoin multiple times and unbanned it multiple times.

Russia didn't made it as legal tender but they imposed ban on mining operations now they lifted it so miners are free to operate and this is indirect way of saying they are going to accumulate as much Bitcoin as they can before it becomes too scarce because they know they have hard time dealing with cross border payments and Bitcoin can help them with it.