TechFlow news, on July 30, according to RIA Novosti, the Russian State Duma passed bills legalizing cryptocurrency mining and enabling cross-border payments via digital currencies. Under the new law, starting September 1, 2024, Russia will allow cross-border settlements and transactions in digital currencies within an Experimental Legal Regime (ELR) framework. Additionally, cryptocurrency mining will be legalized beginning in November, with defined procedures and conditions established.
Under the legislation, legal entities and individual entrepreneurs registered with Russia's Ministry of Digital Development will be authorized to engage in cryptocurrency mining. The bill also grants the Central Bank of Russia supervisory authority over ELR activities, requiring it to promptly notify relevant agencies upon identifying potential risks. This marks a further step toward openness and development in Russia's digital currency sector.
