Bitcoin Mining now Legalized in Russia

[kryptqnick]

Russia making the move to legalize Bitcoin mining doesn't mean that it's a BRICS decision or that any of BRICS countries are going to follow suit. Russia wants to support its economy in any ways it can, and unfortunately it decided to do so via Bitcoin mining. It's not good for Bitcoin to become associated with Russia like that. And it's especially bad that crypto mining will likely grow in Russia (unless avikz is right that high taxes will stop people) in light of the new law, while taxes from profits will go directly to fund Russia's war crimes in Ukraine.

[CoinFoxs]

According to Xinhua News, the Russian President has approved the bill of legalising of bitcoin and cryptocurrencies mining but the bill will be effected from November 2024 and only those people allowed to do minig who are registered with Russian Digital Development Ministry. It is a great news indeed for crypto world that real world accepting the importance of bitcoin and digital currencies.

[Iranus]

Russia making the move to legalize Bitcoin mining doesn't mean that it's a BRICS decision or that any of BRICS countries are going to follow suit. Russia wants to support its economy in any ways it can, and unfortunately it decided to do so via Bitcoin mining. It's not good for Bitcoin to become associated with Russia like that. And it's especially bad that crypto mining will likely grow in Russia (unless avikz is right that high taxes will stop people) in light of the new law, while taxes from profits will go directly to fund Russia's war crimes in Ukraine.

I also don't think this decision has anything to do with BRICS as people think, it's just a decision that will have an impact within Russia's territory. Perhaps as you said they want to promote their economy in many different ways or they also want to compete for this market and do not want it to completely fall into the hands of the US.

But personally I don't think bitcoin mining in Russia is a bad thing. The fact that miners are evenly distributed across countries is a good thing instead of the majority of mining companies being too concentrated in the US and China.

[Doan9269]

Still on this same discussion matters, El-Salvador is bringing an idea to Russian for considering the use of bitcoin in performing it international trades, as it said that this decentralized digital currency will help them have a quick recovery over the impeding consequences over the instilled sanction, if they could imagine the first step taken by them when they adopt bitcoin as a legal tender and how its applying solution on different economic and financial aspect of their country, Russia may do same and see if it could also serve them the same role under a decentralized network in which they are also enjoying now https://cryptoslate.com/el-salvador-proposes-crypto-trade-with-russia-amid-sanctions-pushback/

[hd49728]

I also don't think this decision has anything to do with BRICS as people think, it's just a decision that will have an impact within Russia's territory.

BRICS will use their own monetary and financial system for money transmitter and they will avoid any risk of dependence on any network that can be affected or manipulated by Western countries. Bitcoin network is good but I believe that BRICS nations will not want to use this as it is still not under their control, they know this fact.

Perhaps as you said they want to promote their economy in many different ways or they also want to compete for this market and do not want it to completely fall into the hands of the US.

It's more related to geopolitical issues and it is part of their efforts especially from China and Russia to create a multi-polar world than a single polar world with dominant leadership from the USA.

But personally I don't think bitcoin mining in Russia is a bad thing. The fact that miners are evenly distributed across countries is a good thing instead of the majority of mining companies being too concentrated in the US and China.

Bitcoin mining is decentralized and after many years since 2009, it is no longer too centralized geographically in China. Nowadays with good decentralization of Bitcoin mining and hash rate globally, and in future more nations will join this profitable industry, we will have a more secure and decentralized Bitcoin network. With time, more decentralization of Bitcoin network, one nation like Russia, China or the USA. won't affect Bitcoin mining industry too much if they abruptly have big policy changes.

Decentralized from hash rate and nodes.
https://coin.dance/nodes
https://bitnodes.io/
https://buybitcoinworldwide.com/mining/by-country/
https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country

[Wiwo]

Alot Is going on in Russia as regards to bitcoin and it adoption, even though there have been war crimes, the country is indeed a center to many bitcoin mining and alot of other cryptocurrencies projects such as bitcoin mixing and other privacy enhancing development going on in that region.

When it comes to international trades and money movement, bitcoin serve that best purpose for Russia at this moment since their are suffering several sanctions, although this may just be my own speculations any ways.

[retreat]

Russia may not want to miss the opportunity to provide open space for Bitcoin mining in their country since they have areas with cold temperatures and abundant energy resources, it will be one of the investment destinations for global Bitcoin mining companies. This wise move by Russia can have an economic impact on them with the influx of investment and taxes from Bitcoin mining companies, and especially the US is unable to sanction them in this case since Bitcoin is decentralized.

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.

But maybe specifically for China, they still can't fully accept Bitcoin in their country because they are quite protective and nationalistic about their currency and economy, so maybe Bitcoin still won't be fully accepted in China in the next few years. But maybe there is a change in that, although the possibility is small.

[Akbarkoe]

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.

Unfortunately they were late in realizing it, but now it is much more because they should have done something like that to be one of the countries that adapted to satoshi's discovery, this mining is certainly good news for bitcoin and going forward it is certainly a clear vision for the future of bitcoin.

Speaking of China, I had a wild discussion with some wild people as analysts of the development of the bitcoin industry, they said that China will also unbaned bitcoin mining which they have strictly prohibited, but regarding the timing is still uncertain because it is only a thought, and in the future it will become more friendly again with bitcoin, maybe we just need to wait for the time.

[AmoreJaz]

Alot Is going on in Russia as regards to bitcoin and it adoption, even though there have been war crimes, the country is indeed a center to many bitcoin mining and alot of other cryptocurrencies projects such as bitcoin mixing and other privacy enhancing development going on in that region.

When it comes to international trades and money movement, bitcoin serve that best purpose for Russia at this moment since their are suffering several sanctions, although this may just be my own speculations any ways.

For one, they need to find ways how to trade or move their funds internationally with limited options as they are sanctioned by a lot of governments around the world. So it is no surprise why they will be into crypto or btc. This is one good option for them for cross-border transactions or payments.

And with such move, of course, it is very favourable for bitcoin market. As this will create more demand. With the limited supply of bitcoin, we all know that the demand will further increase the value of this top coin. So we are not closing our doors to this kind of development, even if we say, it is Russia in play.

[SamReomo]

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.

Yes, I also believe that they legalized Bitcoin only to earn extra income from the taxes. They don't really care that either someone is interested in Bitcoin mining or not but they mainly want to tax miners so they can earn economical profits. Let's see when they'll increase the taxes on those who mine Bitcoin in Russia.

Initially, they might not increase any taxes on the miners because they want miners to get peace of mine so the miners can expand their mining farms but once they get so many mining farms then they'll increase the taxes on those miners.

[Wind_FURY]

A very close friend of mine, who's a normie, sent me a message that Russia is going to start testing/using cryptocurrencies for international trade and settlements next week to go around U.S. sanctions? I don't believe it's true, but if Russia actually starts using crypto, that could be the inception of a global awareness of Bitcoin as some sort of breaker of political strongholds.

The enemies of Bitcoin will definitely have no choice but to accumulate it too.

HODL!

[Z-tight]

A very close friend of mine, who's a normie, sent me a message that Russia is going to start testing/using cryptocurrencies for international trade and settlements next week to go around U.S. sanctions? I don't believe it's true,

It is in the news, the reports also say they are looking to create cryptocurrency exchanges too, i do not know if their plans will be successful, but they are set to start its trial on September 1st, so it means they are actually serious about it, so yeah.

but if Russia actually starts using crypto, that could be the inception of a global awareness of Bitcoin as some sort of breaker of political strongholds.

I am not sure if that is a good type of awareness for BTC, or don't you think so.

[Wind_FURY]

A very close friend of mine, who's a normie, sent me a message that Russia is going to start testing/using cryptocurrencies for international trade and settlements next week to go around U.S. sanctions? I don't believe it's true,

It is in the news, the reports also say they are looking to create cryptocurrency exchanges too, i do not know if their plans will be successful, but they are set to start its trial on September 1st, so it means they are actually serious about it, so yeah.

but if Russia actually starts using crypto, that could be the inception of a global awareness of Bitcoin as some sort of breaker of political strongholds.

I am not sure if that is a good type of awareness for BTC, or don't you think so.

Good or bad, I believe that will merely be a matter of personal opinion. But because of Bitcoin's technical design which makes it decentralized and censorship-resistant, its very nature is to be or will always be as a breaker/weakener of political strongholds. Satoshi might not have intended that to be in Bitcoin's path, BUT maybe he also did? Because why take all of those extra-careful measures to hide his/her real identity.

[Lucius]

Still on this same discussion matters, El-Salvador is bringing an idea to Russian for considering the use of bitcoin in performing it international trades, as it said that this decentralized digital currency will help them have a quick recovery over the impeding consequences over the instilled sanction...
~snip~

If that happens, I have no doubt that El Salvador will draw even more attention to itself, because the US can hardly sanction China or India because they trade with a country that is under sanctions, but some small country could be an easy target for them. I honestly don't understand why Bukele has such a preference for countries like Russia, and at the same time uses the US dollar as its national currency.

However, the very idea of ​​trading using Bitcoin does not mean much if most countries in the world do not want to trade with a country that is under sanctions.

[Z-tight]

However, the very idea of ​​trading using Bitcoin does not mean much if most countries in the world do not want to trade with a country that is under sanctions.

That is one thing i was asking myself earlier today, if countries and foreign businesses do not want to trade with Russia, how does BTC give them an advantage and how does it help them circumvent sanctions. Except there are many countries and foreign businesses that want to trade with Russia and their companies, but they cannot due to sanctions and the requirement of a third party, i.e.SWIFT, that has removed a lot of Russian banks from their system, so now they can use BTC to settle the trade without any third party involvement.

[Lucius]

@Z-tight, the one who wants will always find a way, regardless of what sanctions you put him under. Russia finds a way to buy what it needs, because if the group of countries that support sanctions do not trade directly with Russia, they trade with China or some other country, which sells the same products to Russia. This is why sanctions are quite ineffective even after they last for years.

What makes cryptocurrencies (not all, of course) attractive is that if a transaction is made from non-custodial to non-custodial wallet, then no one can prevent the same transaction or freeze such funds. It therefore seems more logical to me that someone who wants to avoid transparency does not use BTC but some of the so-called private coins.

[Zigabel]

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.

Russia's permitting the mining of bitcoin in recent times has to be for a reason, because they have not really permitted this in a long while as its been in an embattlement and and has gone through a lot of process, this will help bitcoin gain more popularity around the world and also increase the acceptability of bitcoin, this will also increase the trade volume of bitcoin which will also increase the amount of those who would want to further invest in bitcoin which will in turn lead to the increase in the volatility and value of bitcoin.

[CoinFoxs]

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.

[tread93]

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.

Well it’s about time, very late to the party! I am not so sure why Russia hasn’t embraced Bitcoin considering their territory and the Ukraine are so welcome to ransomware criminals and they don’t press charges on them or send them to other countries that have those groups and individuals on their most wanted list. Maybe it’s a front because instead of mining it they would rather hack and steal it though the exfiltration and extortion of corporate data over the world. It’s a huge industry and insurance carriers issue cyber policies that protect and pay out on ransomware. I’m just speculating here but honestly I think I’m on to something lmao….

[Fivestar4everMVP]

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 must confess that I am coming across this news for the very first time here, and it's a goodnews regardless, the world government have studied, and have come to terms with the importance of bitcoin adoption to our system, but several of them are still hesitant to announce their acceptance and legalization of the asset due to fear of criticism from the general public owning or due to how they  (the government) have criticized and fought against the usage and growth of bitcoin, they know that the fiat system have failed woefully, but they can bring themselves to accept it because fiat Is their own creation, and with their own hands, they have destroyed it.

Going forward, I expect more and more countries to gradually begin to key in their economy towards bitcoin and cryptocurrencies,  the adoption of bitcoin won't happen overnight, but a time is coming when every country will have no choice but declare bitcoin legal and acceptable for both local and international transactions the respective countries.