Mon. Feb 26th, 2024

According to some rumors, Russia would be ready for both the use of Bitcoin and mining. Russia can finally take advantage of legal mining and start trading Bitcoin, according to some news outlets on Twitter.

The controversial history of Bitcoin mining in Russia

As far as we know, we are left with the bill No. 127303-8 “On mining in the Russian Federation” which was rejected in the Russian Chamber. Last winter, the Duma (house of the country) rejected the “Novye Ijudi” (“New Town”) bill related to the cryptomining. The minority party in the ruling coalition failed to pass the ad hoc mining bill. The largest party in government, United Russia, did not vote unanimously and the bill was dropped. The reason United Russia rescinded the bill was that the text was poorly written, fragmented and incomplete in parts. According to experts now, it would appear that the government is ready to legalize mining. The Bitcoin Archive Twitter profile backs up the news by broadcasting:

“BREAKING‼️ Russian state-backed company is building #Bitcoin mining facility with 30,000 miners!”.

In essence, not only will mining be approved but it will appear to be a state business.

Russia and international payments in Bitcoin

Moscow and Bitcoin have a long history of love and hate between the same players on the field. Vladimir Putin, the Czar/President of Russia, has witnessed a lifetime of Bitcoin during his tenure. Born in 2008, Bitcoin saw the light when the former KGB was already in charge of the transcontinental country. At an institutional level, country bodies positioned to support or not the use of Bitcoin have often changed their minds.

the duma, the Presidency, the Russian Central Bank and the Ministry of Finance have fought with each other over time over the issue of Bitcoin. The question has always been mainly whether it was useful for the country and, above all, whether or not it hurt the ruble. The war, but not only, gave a powerful impetus to the adoption of “digital gold”.

“JUST IN: Russia ‘Ready To Allow’ International Bitcoin And Crypto Trade – Central Bank Governor”.

This is what it reports Bitcoin Magazine in a tweet from internal government sources. In addition to the international sanctions for creating it, the war in the Ukraine has led the Russians to equip themselves with the economic tool. International payments in crypto and BTC were approved last September. Circumventing sanctions had become critical to saving the economic fabric of the country.

“A set of electronic data contained in an information system that can be accepted as a means of payment other than the monetary unit of the Russian Federation, or as an investment”.

Bitcoin is not subject to censorship, guarantees the highest privacy standards and is the main candidate tool for this function.

The digital ruble (CBDC)

According to an interview with the president of the Central Bank of Russia, the Russian CBDC (or digital ruble) will be a reality. The top executive says that the digital ruble should be launched this year.

“The question is when will that happen, how will it be regulated, now that the central bank and the government are actively working on it, but everyone tends to understand that… sooner or later this will be implemented, in one format or another. ”

The Chairman of the Energy Committee of the Russian Congress, Pavel Zavalny, I had had this idea for some time. The government executive already believed in March that the country was ready to trade with BTC but also with a CBDC, at least in the international arena:

“When it comes to our ‘friendly’ countries, such as China or Turkey, who don’t put pressure on us, we have been offering them for a while to change payments into national currencies, such as rubles and yuan. With Turkey, it can be both lira and ruble. So there can be a variety of currencies, and this is standard practice. If they want bitcoin, we will trade for bitcoin.”

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By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.