Cryptocurrency mining in Russia is about to be legalized, awaiting final approval from the alliance

ChainCatcher news, the Russian State Duma has passed a bill that legalizes Bitcoin mining and allows the use of cryptocurrencies for international trade. The bill was first introduced a few years ago and is expected to take effect on September 1, pending final approval from the federation.

According to local reports, the voting results of this meeting were very clear, with 404 votes in favor, accounting for 89.8% of the total votes. The new legislation aims to address the challenges faced by Russian banks due to regulatory restrictions and international sanctions. Sanctions have severely disrupted trade relations between Russia and major partners such as China, India, the UAE, and Turkey, with local banks becoming increasingly cautious under Western pressure.

The bill establishes a regulatory framework to oversee cryptocurrency mining activities, ensuring compliance with tax regulations and preventing illegal operations. A key feature of the bill is the authorization of Bitcoin mining.