Russia U-Turn: Bitcoin Forex Trading to Be Legal, Mining Banned
Russia’s Deputy Finance Minister, Alexey Moiseev, has revealed that the latest version of the draft law would treat cryptocurrency trading just like foreign currency exchange (forex), allowing its purchase and subsequent use abroad for Russian citizens. From Russia with Bitcoin. Russian authorities want to equate Bitcoin to foreign currency, revealed....
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University students in Russia minting digital currencies in their dormitories risk penalties and even criminal charges, according to a legal expert quoted by local media. The warning comes as Russian authorities are trying to curb crypto mining with cheap energy in residential areas. Mining May Turn Into Risky Undertaking for Russian Students As more and more Russians are setting up improvised crypto farms in places with access to subsidized electricity, like their homes, students have been warned that mining digital coins in the dorm can be treated as a criminal violation of the law. At....
Online Forex trading has become very popular in recent years. It is a very attractive market for traders because it offers several advantages. Since the Forex Markets never sleeps, trading goes on all around the world during different countries' business hours, meaning that trading is always available. Forex has also become one attractive investment for Bitcoin holders, and many of them are now starting to trade in Forex Markets. Because forex is a $5.3 trillion-a-day market, with most trading concentrated in only a few currencies, there are always a lot of people trading. There are a lot....
Crypto mining falls under the “gray zone” in Russia, which means even though it's not banned, it doesn’t fall under the purview of law which could pose risks for those involved. Crypto miners account for two percent of the total electricity consumption in Russia, according to the latest government estimate.The energy consumption share of the crypto mining industry has exceeded the country’s agricultural sector, showing signs of recovery after Russia fell out of the top three in the global Bitcoin (BTC) mining hash rate share.Russia's deputy minister of trade and industry Vasily Shpak....
As a result of this official document, there is no legal prohibition related to Bitcoin or other cryptocurrencies in Russia. The Bitcoin situation in Russia has taken yet another dramatic turn. But contrary to what most people may expect, this is some positive news for a change. A new document has been released by the government which goes to show Bitcoin is, in fact, legal in the country. Although this change had been rumored for quite some time, the document makes it all official. This particular document is living proof cryptocurrencies are considered legal in Russia. Or to be more....
The Russian prosecutor general allegedly reports that cryptocurrencies are being utilized for bribing. As a result, Russia introduced cryptocurrencies into its legal system and as a taxable value in 2020. The country has also banned its public officials from possessing crypto with effect from this year. Russia is now assembling legislation to ensure that law-enforcement […]