Bitcoin Mining now Legalized in Russia

[Doan9269]

Bitcoin Mining now being legalized in Russia https://watcher.guru/news/brics-russia-officially-legalizes-bitcoin-and-crypto-mining and this have  been signed into law already, I see it as a new development over BRICS in taking more considerations towards bitcoin by giving due recognition on it's mining, though China remains as it was.

Cryptocurrency mining is allowed to take effect for any industry or miner who are ready to go by the stipulated amount of energy consumption rate for the mining purpose in the country, we can also recall that recently, Russia approved the acceptance of crypto as a means of payment through international transactions.

Bitcoin is gaining more wins each day on every side, The world is now realizing more on how they needed bitcoin, especially by people and region it had been wrongly talked about, the BRICS is the main target now.

Am not sure if this has been discussed already, but I've checked on the bitcoin discussion board and see nothing related to the news updates on it.

[avikz]

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.

[shield132]

Bitcoin Mining now being legalized in Russia https://watcher.guru/news/brics-russia-officially-legalizes-bitcoin-and-crypto-mining and this have  been signed into law already, I see it as a new development over BRICS in taking more considerations towards bitcoin by giving due recognition on it's mining, though China remains as it was.

Cryptocurrency mining is allowed to take effect for any industry or miner who are ready to go by the stipulated amount of energy consumption rate for the mining purpose in the country, we can also recall that recently, Russia approved the acceptance of crypto as a means of payment through international transactions.

Bitcoin is gaining more wins each day on every side, The world is now realizing more on how they needed bitcoin, especially by people and region it had been wrongly talked about, the BRICS is the main target now.

Am not sure if this has been discussed already, but I've checked on the bitcoin discussion board and see nothing related to the news updates on it.

This is a very interesting scenario and that was really expected after sanctions. I'm curious why Russia didn't legalize Bitcoin mining soon after the war started. Btw this is a message and a warning for the rest of the world, the message is that Bitcoin is part of the modern financial system and it can't be abandoned or left without attention. Doesn't matter if any country wants it or doesn't want, they are forced to accept Bitcoin and keep their attention on it.
Who could imagine a few years ago if we would see such a picture? Lots of interesting events are going to happen soon. Just get your popcorn and watch the show and hold some Bitcoins too.

[legendbtc]

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.

[TheUltraElite]

The members of the BRICS need to have a common motive though, while India has no future plan to regulate crypto and has kept a hefty tax on crypto, China does not allow bitcoin use and is illegal there.

Therefore this is a good news for my Russian co-members here but saying that this is from the BRICS bloc does not sound correct to me. All of them are not on the same page about crypto be it transactions/taxation/regulation or mining.

Things might change after one big nation has made a move, but only time can tell.

[Doan9269]

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

You're right because this is so obvious on tier reason for this, though am not blaming them for anything, but life keep teaching us lessons the hard way in other for us to always have an alternative.

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

This aspect will also determine on whether its going to be a good idea supported by the targeted investors and miners over there or not, but i wish on this that they make it fare for the people just as El-Salvador did.

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.

Isn't it better for them to use bitcoin instead than looking for other means over this, i don't also see it a necessity for them to be comparing themself with China or its currency, they may be the same under BRICS but there are lots of differences among them competing each other alone couldn't solved.

[DeathAngel]

I don’t know how much this will affect us price but regardless, it's obviously good news. Russia has cheap electricity & the more miners the have, the more decentralised the network is so I welcome this as good news.

[BlackBoss_]

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

It's true and was expected since their war invasion against Ukraine since 2022. They hoped that they don't have to do this but after more than 2 years, the war has yet ended and sanction against Russia increases with time. With this pressure on their economy, they have to find alternative ways move fund and avoid sanctions from Western countries.

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

I have very small hope that Russian government will care about their citizens and are ready to apply friendly tax policy on Bitcoin and cryptocurrency miners.

[Die_empty]

The members of the BRICS need to have a common motive though, while India has no future plan to regulate crypto and has kept a hefty tax on crypto, China does not allow bitcoin use and is illegal there.

Therefore this is a good news for my Russian co-members here but saying that this is from the BRICS bloc does not sound correct to me. All of them are not on the same page about crypto be it transactions/taxation/regulation or mining.

Things might change after one big nation has made a move, but only time can tell.

The problem with BRICS nations is that they don't have unity of purpose. Every one of them has an individual intention of joining the alliance. Maybe they do not have a single currency because China might be nursing the idea of making the Yuan the organisation's currency. Meanwhile, India and Russia might not be comfortable with the idea. China wants its currency to compete with the US dollar so it might not accept payments in Bitcoin.

Maybe we have started seeing the effect of the publicity the US elections is giving to Bitcoin. Donald Trump sees Bitcoin as the future of money and he wants the US to to stockpile enough. There is also a bill in Congress that seeks to mandate the US government to buy some amount of Bitcoin periodically. Maybe Russia also wants to start its policy of hodling Bitcoin.     

[Felicity_Tide]

I think I saw this news somewhere outside the forum, but can't really remember where. This is a good news to Bitcoin community, which shows the adoption and open arms we've been glamoring for.

President Putin's move are sometimes unpredictable, but i think he must have put some policies in place to checkmate electricity consumption by those who will be going into mining, because I think electricity consumption must have been part of the reasons why some government frowns towards mining.

And again, are miners allowed to operate in any part of Russia freely without registration or licensed?, because I think some form of licensing might be imposed on those who want to open a large mining farm.

I don’t know how much this will affect us price but regardless, it's obviously good news. Russia has cheap electricity & the more miners the have, the more decentralised the network is so I welcome this as good news.

Yeah, I sometime read about them being among the top three in electricity generation. which I think we might be seeing lots of mining farms. But, I am interested in knowing if the legalization gives miners free hand to do their thing, or maybe licensing and regulations are involved.

, while India has no future plan to regulate crypto and has kept a hefty tax on crypto, China does not allow bitcoin use and is illegal there.

India's action towards crypto is quite funny and same time disappointing. Though, I don't live there, but I know for sure that large number of their citizens gets themselves involve in crypto related matters as an alternative to surviving hardship. As for China, they've stand on their words on crypto, but some of us here will be looking forward to the day where they will be forced to make a U turn.

[BIT-BENDER]

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.

You can't fully understand why the Russian's are doing what they are doing in terms of advancing their crypto-currency activity.
Russia has always been interested in crypto even before there was a European sanction threat, and this is just one of those step in the right direction in terms of crypto-currency.

[coolcoinz]

I don’t know how much this will affect us price but regardless, it's obviously good news. Russia has cheap electricity & the more miners the have, the more decentralised the network is so I welcome this as good news.

I don't think it will affect the price because who in their right mind would start a mining business in Russia right now? This is a country of uncertainties that's currently at war. It's also sanctioned so there's no way companies from abroad will move in to invest in mining farms. Maybe people from China would want to try, but there's always a risk that you'll build a mine and a few weeks later it will get hit by a drone.

[aylabadia05]

<snip>

This is a very interesting scenario and that was really expected after sanctions. I'm curious why Russia didn't legalize Bitcoin mining soon after the war started. Btw this is a message and a warning for the rest of the world, the message is that Bitcoin is part of the modern financial system and it can't be abandoned or left without attention. Doesn't matter if any country wants it or doesn't want, they are forced to accept Bitcoin and keep their attention on it.
Who could imagine a few years ago if we would see such a picture? Lots of interesting events are going to happen soon. Just get your popcorn and watch the show and hold some Bitcoins too.

This news is good for the future of bitcoin, but of course there is absolutely no point if we don't save bitcoin. The world is changing so fast and European countries and big businesses will consider adopting bitcoin as a means of payment, so of course it would be a shame if we ignore bitcoin in our investment portfolio.

Apart from the legalization of Russian bitcoin mining, I also heard the news that the Ferrari car company has also adopted bitcoin as a means of payment. So far I have not been able to confirm that the news is true, but I will find the references to find out the truth.

[wallet4bitcoin]

Another feather added to the cap of the technology.

Its gradually coming through, no new revolutionary technology intertwined with finance was ever welcomed with open arms until it defies the very gang up against it.

We will see many more countries legalize Bitcoin in no distant time, it's either they accept it or they accept it, it can't be otherwise. There may be delays in adoption but not entirely shutting it out.

[dkbit98]

I don't know a single country in the world that had any real success in trying to ban anything related with bitcoin, that includes mining.
Russia could not really ban Bitcoin mining also, so they decided to legalize it and they will probably change big tax for everyone who is mining legally.

[HideYourKeys]

Pure game theory, US politicians getting pro bitcoin, Russia legalizing mining... we'll see about China. Let's forget about the price for a while and come back in some months, ignore the noise

[CryptoHeadlineNews]

Bitcoin Mining now being legalized in Russia https://watcher.guru/news/brics-russia-officially-legalizes-bitcoin-and-crypto-mining and this have  been signed into law already, I see it as a new development over BRICS in taking more considerations towards bitcoin by giving due recognition on it's mining, though China remains as it was.

Or could it be it's because of this news that Bitcoin was able to crose back to the _$62k benchmark after it's recent far below $55k yesterday? Because I thought as much, however, this is a welcome development to have Russia, one of the biggest world power embrace Bitcoin as a currency generally accepted for transactions within it's jurisdiction and also making a provision for its mining is another wonderful idea, as that will really have a positive impacts on the general use of Bitcoin globally. Moreover, this is the best time to invest in Bitcoin, because with Russia current involvement in the mining system, its likely to influence its price positively.

[Value.Virtue]

Bitcoin Mining now being legalized in Russia https://watcher.guru/news/brics-russia-officially-legalizes-bitcoin-and-crypto-mining and this have  been signed into law already, I see it as a new development over BRICS in taking more considerations towards bitcoin by giving due recognition on it's mining, though China remains as it was.

Cryptocurrency mining is allowed to take effect for any industry or miner who are ready to go by the stipulated amount of energy consumption rate for the mining purpose in the country, we can also recall that recently, Russia approved the acceptance of crypto as a means of payment through international transactions.

Bitcoin is gaining more wins each day on every side, The world is now realizing more on how they needed bitcoin, especially by people and region it had been wrongly talked about, the BRICS is the main target now.

Am not sure if this has been discussed already, but I've checked on the bitcoin discussion board and see nothing related to the news updates on it.

I think they are trying to avert economic sanctions through transacting with virtual values like BTC perhaps the Russian government is trying to use Bitcoin since it's stronger than the US dollars and Kuwait Dinner to encourage the continuity of Russians in international business transactions, for instance, a Russian could buy goods and make payments using BTC from online shops that accepts BTC and send it to a friend in another country not been sanctioned like Russia and afterwards the friend could ware Bill it to him been the actual or initial purchaser in Russia, and again, BTC holders will surely attract customers,so Russian mining and holding substantial amounts of BTC will attract investors from many countries.

[fuguebtc]

Apart from the legalization of Russian bitcoin mining, I also heard the news that the Ferrari car company has also adopted bitcoin as a means of payment. So far I have not been able to confirm that the news is true, but I will find the references to find out the truth.

The news of Ferrari accepting bitcoin as a means of payment is not new. In October 2023, they will start accepting payments in BTC, ETH, and USDC but will be limited to the US market . Next, in July 2024, they also introduced cryptocurrency payments in the European market .
In general, the use of bitcoin as payment has been used by many large organizations and companies, but what we still do not know is how many orders are paid with bitcoin from those companies . So far they have only announced accepting bitcoin usage, they have not announced anything else .
As far as I remember , Honda also accepted bitcoin payments many years ago .


https://www.reuters.com/business/autos-transportation/ferrari-accept-crypto-payment-its-cars-us-2023-10-14/

https://www.ferrari.com/en-EN/corporate/articles/ferrari-extends-cryptocurrency-payments-to-european-dealers

[Solosanz]

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

If they only want to evade against the western sanctions, they only need to not ban Bitcoin. They never ban Bitcoin, so I don't see any reason they need to legalize mining.

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

I read that the income tax for non residents is high, it's 30%.

Miners will not move to Russia they charge high taxes, I think this news had no impact at all.

Pure game theory, US politicians getting pro bitcoin, Russia legalizing mining... we'll see about China. Let's forget about the price for a while and come back in some months, ignore the noise

I expect China will do nothing, they didn't get any sanction, instead many US manufactures are operated in China. If they want to accept Bitcoin, they would accept Bitcoin ETF instead.