Russia Passes Law Legalizing Bitcoin and Cryptocurrency Mining to Reduce Dependence on the US Dollar in International Trade!

Russia has been trying for a long time to ease the ban on the US dollar in international trade and is taking various steps. Because the country has been imposed sanctions on the Russian economy by the US and Western countries for various reasons. The country even explores other forms of international trade settlement due to the US ban from the SWIFT interbank messaging system. That's why the country's president, Vladimir Putin, recently approved legislation to reduce dependence on the US dollar in international trade. As part of that approval, they allowed bitcoin and bitcoin mining in the country.

source

However, the law that the country has currently approved for Bitcoin transactions and Bitcoin mining will essentially come into effect from November this year. Even if this law is to come under the purview of the law then all the companies involved in Bitcoin mining must come under a state database and therefore be given an opportunity to register. However, all of these can be covered by large industries, but those who are small or independent miners can mine digital currency without officially registering. However, conditions are imposed if their energy consumption is below a certain threshold.

Basically we know that apart from the Ukraine Russia war, the country has been imposed sanctions on the country's economy by the US government and the western world for various reasons. Even the country is often dependent on the US dollar for international trade or transactions, so capital moves to reduce this dependence. So as part of this move, oversight of the newly legalized mining industries that will come under it will be divided between the Bank of Russia, the Ministry of Finance and a cabinet of ministers elected within the Russian government. Even so, more specific regulatory requirements will be established in the coming months. However, a recent bill the country has approved has also essentially introduced a ban on mass cryptocurrency advertising within the country. Basically, the country is going to make such transactions with the friends they have in the field of trade or with the member countries of BRICS through such digital currency. The organization is a growing collection of emerging economies seeking to reduce their reliance on the US dollar for international trade.

In particular, to reduce dependence on the US dollar, the BRICS summit introduced the concept of an alternative digital currency. That is why they proposed to create a specific digital currency and this is a proposal that has attracted a lot of attention. But while such a proposal has attracted much attention, it faces significant obstacles, including disagreements among leading member states over how the single currency would work. Still, leading members of the emerging economic bloc are working to develop a new currency to settle international trade as they try to reduce their reliance on the US dollar. However, one of the steps taken by Russia in Bitcoin transactions and Bitcoin mining at the moment may be one of them. Such approval can bring benefits to the economy of the country and also a good prospect for the citizens.