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The US, Russia step up the crypto race
The post The US, Russia step up the crypto race appeared on BitcoinEthereumNews.com. Mining has been officially legalized in Russia, while the U.S. is preparing to become the crypto capital of the world. What’s going on between the two countries in the crypto arena? On Aug. 8, Russian President Vladimir Putin signed a law allowing the legalization of crypto mining. Except for specific paragraphs, the document will come into force on Nov. 1. In addition, the president signed a law allowing foreign trade settlements and exchange trading in crypto as experimental legal regimes from Sep. 1. What does this mean for the industry? The emergence of the law will lead to new major crypto players, and the old ones will have the opportunity to legalize income by working officially. There is an absence of understanding of the specific conditions miners encounter that create particular turbulence. However, the development of mining can positively affect the inflow of investments into highly developed sectors of the Russian economy. In addition, with the law on crypto mining, Russia is officially joining the race of industry leaders. The U.S. is closely monitoring Russia’s attempts to use cryptocurrencies Amid the tightening of sanctions since 2022, Russian businesses are experiencing severe problems with payments for foreign trade transactions. In this regard, the country has raised the issue of using digital currencies. In 2023, the Central Bank Chair, Elvira Nabiullina, allowed the use of cryptocurrency in external settlements as an experiment. In March 2024, Putin signed a law on using digital financial assets. According to Bloomberg, two large Russian metallurgical companies began using the Tether (USDT) stablecoin and some other cryptocurrencies for settlements, mainly with Chinese clients and suppliers, at the end of May: That large Russian firms are now turning to blockchain two years after the start of the February 2022 invasion of Ukraine underscores the lasting effect international restrictions…
The post The US, Russia step up the crypto race appeared on BitcoinEthereumNews.com.
Mining has been officially legalized in Russia, while the U.S. is preparing to become the crypto capital of the world. What’s going on between the two countries in the crypto arena? On Aug. 8, Russian President Vladimir Putin signed a law allowing the legalization of crypto mining. Except for specific paragraphs, the document will come into force on Nov. 1. In addition, the president signed a law allowing foreign trade settlements and exchange trading in crypto as experimental legal regimes from Sep. 1. What does this mean for the industry? The emergence of the law will lead to new major crypto players, and the old ones will have the opportunity to legalize income by working officially. There is an absence of understanding of the specific conditions miners encounter that create particular turbulence. However, the development of mining can positively affect the inflow of investments into highly developed sectors of the Russian economy. In addition, with the law on crypto mining, Russia is officially joining the race of industry leaders. The U.S. is closely monitoring Russia’s attempts to use cryptocurrencies Amid the tightening of sanctions since 2022, Russian businesses are experiencing severe problems with payments for foreign trade transactions. In this regard, the country has raised the issue of using digital currencies. In 2023, the Central Bank Chair, Elvira Nabiullina, allowed the use of cryptocurrency in external settlements as an experiment. In March 2024, Putin signed a law on using digital financial assets. According to Bloomberg, two large Russian metallurgical companies began using the Tether (USDT) stablecoin and some other cryptocurrencies for settlements, mainly with Chinese clients and suppliers, at the end of May: That large Russian firms are now turning to blockchain two years after the start of the February 2022 invasion of Ukraine underscores the lasting effect international restrictions…
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