Putin Approves Legislation Legalizing Bitcoin and Crypto Mining in Russia

[Z-tight]

Agree. Rusia has been utilized crypto industry a long time. Sure, it is not so surprising if Rusia wants to develop crypto there. Rusia also has a big role in crypto because Rusia policy may influence crypto market.

Policy of control and dictatorship, just like North Korea, i don't think we need that in the industry. I know the network is free for anyone to use, even if they want to use it to circumvent sanctions, but countries like Russia and NK are dictatorial, so even if BTC mining becomes popular in those regions, they will find a way to control miners for their own benefit.

[Freemind]

Evading could just be one reason but Putin I  think also considers the fact that US  is about to adopt BTC as well. He might as well be the first to send the message to his fellow Russians to use  crypto.

Trump says he wants BTC to be mined in US. Well, he isn't as crazy as anyone thought because President Bukele did it the first and he seem successful.

I think exactly the same as you, and it's the first thing that came to mind when I read the news. It's not just about regulations, business, and knowing who mines cryptocurrencies. I think this is primarily an attack on Trump and his latest statements on Bitcoin, and this attack also comes at the right time, when Trump is distraught over the appearance of Kamala Harris.

It is possible that if Trump wins the next elections he will try to accelerate the entire process related to Bitcoin so as not to lose a privileged position for having more than 59 million cryptocurrency holders.

[SamReomo]

Russian President Vladimir Putin has signed a new law legalizing Bitcoin and cryptocurrency mining in Russia, according to a report by Russian news agency TASS.

Good new for Bitcoiners who live in Russia, now they can mine Bitcoin without any legal issues. I believe such steps should be taken by each country's government as Bitcoin mining isn't harmful in anyway and can be a great source of income for a tax payer of a country. Good job Putin! Hope others may follow him and do something similar.

[TravelMug]

Evading could just be one reason but Putin I  think also considers the fact that US  is about to adopt BTC as well. He might as well be the first to send the message to his fellow Russians to use  crypto.

Trump says he wants BTC to be mined in US. Well, he isn't as crazy as anyone thought because President Bukele did it the first and he seem successful.

I think exactly the same as you, and it's the first thing that came to mind when I read the news. It's not just about regulations, business, and knowing who mines cryptocurrencies. I think this is primarily an attack on Trump and his latest statements on Bitcoin, and this attack also comes at the right time, when Trump is distraught over the appearance of Kamala Harris.

It is possible that if Trump wins the next elections he will try to accelerate the entire process related to Bitcoin so as not to lose a privileged position for having more than 59 million cryptocurrency holders.

US has been one of the biggest country that already adopts crypto although they are still in the gray area. We will have to wait and see, it's politics and we really don't know if Trump will win and he will really "walk the talk" as far as his crypto stance. Remember that this is not the first time that he will be President and so before he didn't do anything that make crypto move forward in the US.

Putin back is against the wall now, so he will not wait on who is going to win in the US Presidential Election. His government needs all the help he can get from the embargo that has been in their shoulders for years, so he has no choice but to take effect this legislation and circumvent everything to his favor.

[pakhitheboss]

Policy of control and dictatorship, just like North Korea, i don't think we need that in the industry. I know the network is free for anyone to use, even if they want to use it to circumvent sanctions, but countries like Russia and NK are dictatorial, so even if BTC mining becomes popular in those regions, they will find a way to control miners for their own benefit.

I do know that mining in Russia will be heavily regulated and entry into this business will be only decided by Putin. I do not think other private players will be able to start mining Bitcoin without permission from the Russian government. That is why I think we should not be worried about mining popularity or controlling the miners for their benefit.

[NotATether]

I do know that mining in Russia will be heavily regulated and entry into this business will be only decided by Putin. I do not think other private players will be able to start mining Bitcoin without permission from the Russian government. That is why I think we should not be worried about mining popularity or controlling the miners for their benefit.

The oligarchs will use Bitcoin mining as a means to obtain money that will further help to evade sanctions to it's obvious why Putin would only want his own group of people to be able to do that.

[Manna]

The President of Russia has opened his mouth for reconciliation.   Russian President Vladimir Putin recently approved a new law to legalize Bitcoin and other cryptocurrency mining in Russia.  Through this act, crypto mining has been recognized as a legitimate and regulated activity, which aims to establish control over various activities related to cryptocurrencies.  If this continues, one day the market for Bit Coin is expected to be much better.

[target]

The President of Russia has opened his mouth for reconciliation.   Russian President Vladimir Putin recently approved a new law to legalize Bitcoin and other cryptocurrency mining in Russia.  Through this act, crypto mining has been recognized as a legitimate and regulated activity, which aims to establish control over various activities related to cryptocurrencies.  If this continues, one day the market for Bit Coin is expected to be much better.

Most likely. This news is not limited to what Putin is going to do and the Russians adopting Bitcoin. Other countries are watching what transpires in US election since Bitcoin and crypto is introduced everywhere with the help of Trump and even Harris.

Other countries will not just sit and watch while Russia is trying to adopt BTC and mining. They know El Salvador has been mining for awhile. They too will start looking into mining and adopting coins.

[Manna]

The President of Russia has opened his mouth for reconciliation.   Russian President Vladimir Putin recently approved a new law to legalize Bitcoin and other cryptocurrency mining in Russia.  Through this act, crypto mining has been recognized as a legitimate and regulated activity, which aims to establish control over various activities related to cryptocurrencies.  If this continues, one day the market for Bit Coin is expected to be much better.

Most likely. This news is not limited to what Putin is going to do and the Russians adopting Bitcoin. Other countries are watching what transpires in US election since Bitcoin and crypto is introduced everywhere with the help of Trump and even Harris.

Other countries will not just sit and watch while Russia is trying to adopt BTC and mining. They know El Salvador has been mining for awhile. They too will start looking into mining and adopting coins.

Your observation is very accurate.  Russia's move toward bitcoin and cryptocurrencies under Putin could be an important message to the rest of the world.  As Russia begins to adopt and mine Bitcoin, other countries will certainly be watching these changes carefully and trying to take appropriate steps for their own situation. El Salvador has already legalized Bitcoin and started their crypto mining projects, which is an example for other countries.  set the example.  If Russia moves into Bitcoin and mining, many other countries may rethink their monetary policies and economic strategies.  Especially countries that want to stabilize the value of their currencies or reduce the impact of international sanctions. Just as Trump and Harris have played a role in the development of the US election and the outlook for cryptocurrencies, the leaders of other countries will also depend on these issues.  As the adoption of cryptocurrencies increases, especially in large countries, this could further accelerate the adoption of cryptocurrencies globally. It will be interesting to see which countries will follow Russia's approach and how they will adjust their economic and monetary policies to cryptocurrencies.

[Stompix]

North Korea was pretty much sanctioned and there was even an ETH developer who faced legal case when he goes to North Korea to teach blockchain.

I think if North Korea will also adopt BTC and also mine BTC, it will have its independence as well. So finally all countries will all have its independence in the financial trades. Evem the countries they are prohibited to trade with is no longer possible to stop.

Oh yeah, North Korea ill have its freedom,  what about the people?

It seems like a lot of people are misunderstanding the basic things about sanctions!
The US and the EU are not standing guard somewhere and canceling all deals Russia has or they are raiding banks and so on, it's pretty simple, any entity that does business with Russia will et snctioned and be unable to do business within the US and EU.

Nobody is stopping banks from China to deal with banks in Russia, nobody, but what they are afraid of is being restricted from the western markets, so they will simply choose to not do business anymore
https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8

Now, do you think crypto will change a thing? Not at all, because it doesn't matter in what you get paid , they could have been paid in gold or oil, they are afraid of being cut out of markets that are 30x in size, the payments are not the problem, it's the consequences.

[Ujok]

this is very good news with the legalization by the president then bitcoin will be easy to buy and sell, a country with a rich economy and a very advanced country will make crypto even bigger technological developments even crypto will live in the future. I think this is good news will help market movements so that market prices increase.

[Asiska02]

I would speculate this is another attempt to evade sanction, which previously done by Iran. And while initially it sounds good news to Bitcoiner, the news doesn't mention details of the law itself. Your opinion is greatly appreciated.

This is a good step in my opinion and it doesn’t matter at all what the speculations surrounding this move is saying. Russia a very large country with a large economy. The effect of this move will definitely be felt, it may not be now, it may take time for it to happen, but to me it’s still a great move worth commendable.

[Jating]

I would speculate this is another attempt to evade sanction, which previously done by Iran. And while initially it sounds good news to Bitcoiner, the news doesn't mention details of the law itself. Your opinion is greatly appreciated.

This is a good step in my opinion and it doesn’t matter at all what the speculations surrounding this move is saying. Russia a very large country with a large economy. The effect of this move will definitely be felt, it may not be now, it may take time for it to happen, but to me it’s still a great move worth commendable.

Well it's a good step if they have done this prior to the war and prior to the sanctions being handed down to them by West. But now it's obvious that they have done this because they want to evade and circumvent the sanctions.

Of course, it will take sometime, but the timing though of this so called legalization of Bitcoin and crypto mining in Russia. They should have taken advantage of it before, just like what Bhutan, a small kingdom country with abundance of electricity and now they are one of the largest holder of Bitcoin per their population.

[Freemind]

Well it's a good step if they have done this prior to the war and prior to the sanctions being handed down to them by West. But now it's obvious that they have done this because they want to evade and circumvent the sanctions.

Of course, it will take sometime, but the timing though of this so called legalization of Bitcoin and crypto mining in Russia. They should have taken advantage of it before, just like what Bhutan, a small kingdom country with abundance of electricity and now they are one of the largest holder of Bitcoin per their population.

I do not believe that Putin approved these laws to avoid international sanctions (which were not going to be of any use either, since Putin has the economic and military support of other countries), in fact, Russia has not had too many problems economically speaking after starting the invasion of Ukraine. I'm more inclined to think that Putin passed these laws to deal a blow to Trump and his White House election campaign.

In reality, Putin is getting more of an advantage by passing these laws, since Trump has only made promises of what could happen. But what happens with Trump or Harris, and their subsequent actions related to cryptocurrencies, remains to be seen.

[Baofeng]

Well it's a good step if they have done this prior to the war and prior to the sanctions being handed down to them by West. But now it's obvious that they have done this because they want to evade and circumvent the sanctions.

Of course, it will take sometime, but the timing though of this so called legalization of Bitcoin and crypto mining in Russia. They should have taken advantage of it before, just like what Bhutan, a small kingdom country with abundance of electricity and now they are one of the largest holder of Bitcoin per their population.

I do not believe that Putin approved these laws to avoid international sanctions (which were not going to be of any use either, since Putin has the economic and military support of other countries), in fact, Russia has not had too many problems economically speaking after starting the invasion of Ukraine. I'm more inclined to think that Putin passed these laws to deal a blow to Trump and his White House election campaign.

In reality, Putin is getting more of an advantage by passing these laws, since Trump has only made promises of what could happen. But what happens with Trump or Harris, and their subsequent actions related to cryptocurrencies, remains to be seen.

Not really sure about if there are countries that are going to support Putin. But in any case, if he thinks that his country can benefit  from mining Bitcoin then why not.

But as I have followed them, specially around 2018-2019, their government seems to be on the fence with regards to crypto that we have to take everything with a grain of salt on what they are going to say in public. So for me, there is a big reason why they suddenly change and make legislation pertaining to Bitcoin and mining, in my opinion.