Comrade bitcoin. PUSH announced the end of the anti-crypto rule of Joe Biden and Gary Genslerthanks to the election of Donald Trump to the presidency of the United States, brought visibility to cryptocurrency adoption across the Atlantic at the end of the year. But throughout 2024 and much more discreetly, Russia has also done a lot, especially in terms of legislation, to fully integrate Bitcoin (BTC) and cryptocurrencies into the economy of the Slavic country.
- Russia officially recognized and regulated Bitcoin mining in 2024, with the State Duma passing the law and President Vladimir Putin signing it into law.
- At the end of the year, a joint blockchain payment system for the BRICS was introduced, threatening the role of the US dollar as an international currency.
In 2024, Russia officially recognized and regulated Bitcoin mining
with low energy costs from some regions of the Russian Federation, the country has long been one of the main places Bitcoin cryptocurrency mining in the world. But in recent years there has been a real desire on the part of the authorities legalize these mining activities.
The first step was already taken in June 2024 recognition of cryptocurrency miners who wanted to carry out their activities legally. And then a comprehensive legal regulation was adopted State Duma at the end of July before it is official ratified by Russian President Vladimir Putin on August 8, 2024.
Under this regulation, large crypto-mining companies must now register in the official register. The smallest miners that do not exceed fixed energy consumption thresholds are not required to register in this national register (and their taxation will also be lighter).
A common blockchain payment system for BRICS
In October 2024 it is use blockchains as a means of payment which has made great progress in Russia. In fact during BRICS Business Forum which took place in Moscow future common payment system from Brazilfrom RussiafromIndiafrom China andSouth Africa : application Pay the BRICS.
5 new countries BRICS+ (Saudi Arabia, Egypt, Ethiopia, United Arab Emirates and Iran). also connected to this future cross-border settlement platform. BRICS Pay will offer a digital wallet “it integrates different blockchain networks » according to the project website.
With payments made in national currencies of the 10 BRICS+ countries, it is of course the role of international currency US dollar who is severely weakened. He is even considered a potential common cryptocurrency in the BRICS Pay system.
The Russian president himself is very aware of the power of bitcoin and decentralized cryptocurrencies. As recently as early December 2024, Vladimir Putin explained that “no one can ban Bitcoin”and that it will continue to develop. Because the Russian leader understood that cryptocurrencies would revolutionize the economy and finance by enabling “ reduce costs and increase the reliability of transactions “. And Russia does not want to be left behind in these big changes, especially in the current geopolitical context, because let’s not forget that cryptocurrencies also allow it to circumvent international sanctions.