Russia is doing whatever it takes for them to avade the Western sanctions. But it's a good news for Bitcoin at least.

It will be interesting to know the proposed energy consumption limit and how the mining companies or individual miners are taxed.

The international politics is very complex. I see why Russia is looking forward for a cryptocurrency related financial system for the international trade as well. Because China is trying very hard to push Yuan for every trade they are completing with their BRICS allies. Russia has to find an alternative soon enough to counter this.

I don't think Russia accepting cryptocurrency payments or allowing domestic bitcoin mining is intended to counter China's use of the yuan. The BRICS bloc has a common goal of reducing its dependence on the USD and then seeking to completely eliminate the USD from transactions within the bloc. And to do that, they need to have a common voice, join forces and agree with each other on the bloc's issues. Fighting and competing will not bring good results for the bloc and I think the co-founders of the bloc understand that better than anyone else. So I don't think Russia has that intention.

You're right because this is so obvious on tier reason for this, though am not blaming them for anything, but life keep teaching us lessons the hard way in other for us to always have an alternative.


This aspect will also determine on whether its going to be a good idea supported by the targeted investors and miners over there or not, but i wish on this that they make it fare for the people just as El-Salvador did.


Isn't it better for them to use bitcoin instead than looking for other means over this, i don't also see it a necessity for them to be comparing themself with China or its currency, they may be the same under BRICS but there are lots of differences among them competing each other alone couldn't solved.

It's true and was expected since their war invasion against Ukraine since 2022. They hoped that they don't have to do this but after more than 2 years, the war has yet ended and sanction against Russia increases with time. With this pressure on their economy, they have to find alternative ways move fund and avoid sanctions from Western countries.

I have very small hope that Russian government will care about their citizens and are ready to apply friendly tax policy on Bitcoin and cryptocurrency miners.

I think I saw this news somewhere outside the forum, but can't really remember where. This is a good news to Bitcoin community, which shows the adoption and open arms we've been glamoring for.

President Putin's move are sometimes unpredictable, but i think he must have put some policies in place to checkmate electricity consumption by those who will be going into mining, because I think electricity consumption must have been part of the reasons why some government frowns towards mining.

And again, are miners allowed to operate in any part of Russia freely without registration or licensed?, because I think some form of licensing might be imposed on those who want to open a large mining farm.


Yeah, I sometime read about them being among the top three in electricity generation. which I think we might be seeing lots of mining farms. But, I am interested in knowing if the legalization gives miners free hand to do their thing, or maybe licensing and regulations are involved.


India's action towards crypto is quite funny and same time disappointing. Though, I don't live there, but I know for sure that large number of their citizens gets themselves involve in crypto related matters as an alternative to surviving hardship. As for China, they've stand on their words on crypto, but some of us here will be looking forward to the day where they will be forced to make a U turn.

I don't think it will affect the price because who in their right mind would start a mining business in Russia right now? This is a country of uncertainties that's currently at war. It's also sanctioned so there's no way companies from abroad will move in to invest in mining farms. Maybe people from China would want to try, but there's always a risk that you'll build a mine and a few weeks later it will get hit by a drone.

Another feather added to the cap of the technology.

Its gradually coming through, no new revolutionary technology intertwined with finance was ever welcomed with open arms until it defies the very gang up against it.

We will see many more countries legalize Bitcoin in no distant time, it's either they accept it or they accept it, it can't be otherwise. There may be delays in adoption but not entirely shutting it out.

Pure game theory, US politicians getting pro bitcoin, Russia legalizing mining... we'll see about China. Let's forget about the price for a while and come back in some months, ignore the noise

I think they are trying to avert economic sanctions through transacting with virtual values like BTC perhaps the Russian government is trying to use Bitcoin since it's stronger than the US dollars and Kuwait Dinner to encourage the continuity of Russians in international business transactions, for instance, a Russian could buy goods and make payments using BTC from online shops that accepts BTC and send it to a friend in another country not been sanctioned like Russia and afterwards the friend could ware Bill it to him been the actual or initial purchaser in Russia, and again, BTC holders will surely attract customers,so Russian mining and holding substantial amounts of BTC will attract investors from many countries.

If they only want to evade against the western sanctions, they only need to not ban Bitcoin. They never ban Bitcoin, so I don't see any reason they need to legalize mining.

I read that the income tax for non residents is high, it's 30%.

Miners will not move to Russia they charge high taxes, I think this news had no impact at all.

I expect China will do nothing, they didn't get any sanction, instead many US manufactures are operated in China. If they want to accept Bitcoin, they would accept Bitcoin ETF instead.