Russia Legalizes Crypto Mining

Russian President Vladimir Putin has signed a new law aimed at reducing the country’s dependence on the United States dollar in international trade.

The law allows approved mining companies to register through a state database to mine digital currency, while small individual miners can also mine without registering as long as their energy consumption stays below a certain limit.

Oversight of the legalized mining industry will be divided among the Bank of Russia, the Ministry of Finance, and a selected group of government ministers who will establish more detailed regulatory guidelines in the coming months.

The legislation also includes a ban on widespread advertising of cryptocurrencies within the country.