Russia explores other forms of international trade settlement following US sanctions blocking it from the SWIFT interbank messaging system.
Russian President Vladimir Putin approved legislation to reduce its reliance on the United States dollar in international trade.
The law will take effect in November 2024 and allow approved mining firms to register through a state database to mine crypto. Small, individual miners can also mine digital currency without officially registering if their energy consumption remains below a certain threshold.
Oversight of the newly legalized mining industry will be split between the Bank of Russia, the Ministry of Finance and a select cabinet of ministers within the Russian government, who will establish more precise regulatory requirements over the coming months. The bill also introduced a ban on mass cryptocurrency advertising inside Russia.
