BRICS Revolution: Russia Embraces Crypto Mining in Defiant Move Against the Dollar
In another important sign of BRICS development in digital currencies, Russia has officially legalized Bitcoin and crypto mining in the country. Indeed, Moscow’s president, Vladimir Putin signed a law Thursday that legalizes the cryptocurrency process to specified persons.
The legislation will only allow “legal entities and individual entrepreneurs included in a register,” to mine crypto, Russian state media reports. However, it also legalizes mining for any individuals who “do not exceed the energy consumption limits,” proposed by the government.
Russia Legalizes Crypto Mining in Vital Step for BRICS
The past several months have seen BRICS embrace digital assets in a massive way. The group is reportedly considering the creation of a native currency using blockchain technology. It could be set to use these digital assets as a way to move further from the US dollar. Recent legal actions taken by one of its leading nations certainly support that assertion.
As BRICS develops its digital currency infrastructure, Russia has officially legalized Bitcoin and crypto mining. The law will reportedly allow cryptocurrencies to be traded on native blockchain platforms. Moreover, it will go into effect in just ten days.
This isn’t the first pro-crypto law Russia has passed this year. In late July, the country moved to allow crypto payments in international trade. The decision was made to combat Western sanctions. Yet, it also seemingly increased the trade capabilities of Moscwo and the BRICS bloc.
Following the decision, El Salvador sought increased trade with Russia. Additionally, its implementation was set to have a direct impact on trade relations with China and the United Arab Emirates (UAE). The legalization of cryptocurrency mining is just another step to a more digitized financial future for Russia and the BRICS alliance.
This article originally appeared on Watcher Guru.
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