By legalizing cryptocurrency mining, Russia is trying to reduce its dependence on the U.S. dollar. This law, effective from November 2024, will allow licensed mining companies to register in a government database and mine cryptocurrencies. The Russian Central Bank, the Ministry of Finance, and selected government ministers will oversee this new industry. Additionally, within the economic cooperation framework with BRICS countries, Russia seeks to develop an alternative digital currency for international trade. This move comes as international sanctions against Russia have increased, impacting the country’s commercial operations and financial transactions. However, economists are skeptical about the success of this plan.
Source: cryptoslate.com
