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Written article: Deng Tong, Bitchain Vision Realm
After experiencing 805 dollars, the crypto market is covered: Bitcoin prices have changed sharply from more than $ 70,000 at the end of July, falling below the $ 50,000 mark.The panic and greed index even dropped to 17, and the level changed from fear to extreme fear.People once doubted that “the cow is still there”?
However, starting on August 8th, the crypto market seems to have an overnight spring breeze, and cryptocurrencies have risen.In the early morning of August 9, Bitcoin even reached $ 62394.50, an increase of 25.33%from a low of 49781.93 US dollars.The reason is that a major factor in the large rebound of the encrypted market has a close relationship with the Russia’s newly passed mining legalization policy.
What did the Russian mining rules say?
On August 8, 2024, Russian President Putin signed a law to legalize Russia’s Chinese cryptocurrency mining.
The signed law introduces new concepts, including digital currency mining, mining pools, mining infrastructure operators, address recognitioners, and individuals who organize mining pool activities.Mining itself is identified as part of the turnover, not the issuance of digital currency.
Only Russian legal persons and individual entrepreneurs registered in the book have the right to mine.Individuals who do not exceed the Russian government’s restrictions on energy consumption can perform digital currency mining without registering in the book.
According to this document, foreign digital financial assets can be traded on the Russian blockchain platform. If the Russian central bank finds that individual issuance threatens the stability of Russia’s finance, it has the right to ban its issuance.
Previously,Putin discussed the introduction and use of digital currencies with the government at the economic issue conference.He pointed out that this is a bright economic field. Russia must “seize the opportunity” to quickly establish legal frameworks and regulations, develop infrastructure, and create conditions for the circulation of digital assets.
The new mining regulatory policy will be responsible for the Bank of Russia, the Ministry of Finance, and the Russian government cabinet, and they will formulate more accurate supervision content in the next few months.The bill also prohibits large -scale cryptocurrency advertisements in Russia.
The law came into effect ten days since the date of official announcement, except for the provisions of the effective date.
Russian mining legalization has long been clue
Russia’s newly launched mining legalization bill has already been traces.
EarlyOn December 14, 2023, the Russian Ministry of Finance proposed a new bill to seek the legalization of BTC mining and establishing a mechanism for the mine by sales.The bill includes the provisions that prohibit cryptocurrency advertisements and require cryptocurrency sales through foreign platforms, excluding the use of Russian information infrastructure.Both the Ministry of Finance and the Russian Bank of Russia support the recognition of cryptocurrency mining as an industry and support the use of cryptocurrencies in the experimental framework for foreign economic activities.According to the proposed bill, cryptocurrency miners can obtain digital currencies through foreign systems or special platforms established for experiments.In any case, the miners must report these transactions to the Federal Taxation Bureau.The central bank suggested that the sales of cryptocurrencies of mining are limited to non -residents and can only be carried out through foreign infrastructure.
On May 6, 2024, Anton Gorelkin, chairman of the Russian National Duma Financial Market Committee, said he did not support the exactly prohibiting cryptocurrencies from circulating in Russia.He explained on Telegram that this limit was not to prohibit the use of cryptocurrencies, but to regulate the establishment of the cryptocurrency exchange platform in Russia’s legal framework.Anton Gorelkin also believes that the establishment of Russia’s legal encryption infrastructure is affected by geopolitical reality.This needs to consider factors related to international relations.He continued to add that allowing this infrastructure may cause Russian companies to be sanctioned by Western.In addition, Anton Gorelkin also pointed out that this restriction may be canceled in the future and said that users can still use foreign cryptocurrency exchanges and off -site transaction services as before.However, the impact on many external cryptocurrency services on Moscow is uncertain.
In July 2024, Russia considered adding the theme of stable coins in the upcoming bill, allowing formal use of stable coins to complete cross -border payment.Alexey Guznov, deputy governor of the Russian Bank of Russia, announced that it has submitted a proposal and is currently discussing this issue.The Ministry of Finance also confirmed this.
July 13, 2024, BitcoinLFG revealed on the X platform,Sources said that Russian President Putin may issue a major statement on Bitcoin and cryptocurrencies in the next few days.
On August 3, 2024, Bitchain visited the report:Anatoly Aksakov, chairman of the Russian Duma Financial Market Committee, has predicted that in the future, citizens will be able to exchange Bitcoin and digital rubles, and they need to achieve this goal based on the digital ruble P2P market.
In summary, Russia has made a lot of pavement for the launch of the new mining bill.The launch of the new rules is actually expected.
Turn point:Russia and Ukraine conflict,Sanctions and national competition
In the early years of Russian Along asset supervision policies, it was not very conducive to industry development. So, what made Russia’s attitude towards cryptocurrencies from “not support” to “mining legal”?
On December 10, 2020, Putin signed a decree to prohibit certain Russian officials from holding any cryptocurrencies.In December 2021, the Bank of Russia warned the risks related to digital assets, and even proposed to completely ban cryptocurrency mining and transactions.
However,On February 24, 2022, the Russian and Ukraine conflict broke out. This war can be regarded as a turning point at Russia’s attitude towards cryptocurrencies.
According to the BBC report, after a comprehensive outbreak of the United States, the United Kingdom, the European Union, and Australia, Canada, and Japan, it has imposed more than 1,6500 sanctions on Russia after a comprehensive outbreak of Russia and Ukraine.
Their main goal is Russia’s funds -foreign exchange reserves worth 350 billion US dollars (276 billion pounds) are frozen, accounting for about half of Russian foreign exchange reserves.
The European Union said that about 70%of Russian banks have also been frozen, and some banks are also excluded from the SWIFT international fund liquidation system, and the latter provides secure and efficient communication services for financial institutions.
According to data from the International Monetary Fund, in 2022, Russia’s GDP growth rate was -2.1%.In 2023, Russia’s GDP growth rate was 3.6%.In 2021, the Russian GDP was 4.7%before the Russian and Ukraine War began.
visible,In the centralized international financial system, Western sanctions have indeed made Russia suffer from economic winter.Facing multiple rounds of economic sanctions, Russia finally chose to embrace cryptocurrencies.
In 2022, Putin believes that Russia has some advantages in cryptocurrency mining. It should be taxed and regulated on cryptocurrencies mining, supporting mining in excess power areas, such as IRKUTSK, KRASNOYARSK and Karelia.
On February 13, 2022, Russia amended the “Digital Currency” bill to restrict non -qualified investors’ purchase of cryptocurrencies.The examination must be passed before the purchase. The qualified person can purchase a maximum of $ 7,000 a year worth of $ 7,000, and the person who does not fit the $ 600.The bill also defines digital currency as property, providing a legal basis for cryptocurrency payment.
April 20, 2023Elvira Nairelina, the head of the Russian regulatory agency, said that the Russian central bank is formulating a bill that will introduce a “experimental legal system” that allows cryptocurrencies for import and export transactions.As a part of supervision, it willIntroduce new tax laws to miners.The central bank’s plan includes the establishment of a special organization to pay the payment of cryptocurrency mining and handling the cross -border trade agreement.
In November 2023, Russia developed a tool for helping Gazi miners to escape sanctions, which will help Russian companies in cross -border payment.Anton Tkachev, a member of the Russian Duma Information Policy, Information Technology and Communications Commission, said that the country’s Ministry of Industry and Trade has successfully developed “a tool for industrial mining activities.”He claims that cryptocurrencies can help Russian companies evade Western sanctions during overseas transactions.
The Russian Bank recently suggested that companies use cryptocurrencies and digital assets to reduce the impact of Western sanctions after Ukraine conflicts.Russia’s Governor of Russia, Nabeina, acknowledged that payment issues are vital to the Russian economy and emphasize the role of new financial technology in the creation of unprecedented solutions.
Due to sanctions against major Russian financial institutions, the trade relations between Russia and many countries are facing difficulties.Nabi Uena said: “New financial technology has created opportunities for plans that did not exist before. This is why we have relaxed the position of using cryptocurrencies in international payment and allowing digital assets in such payments.”
on the other hand,The United States began to embrace cryptocurrencies in an all -round way,From the US SEC, the Bitcoin spot ETF and Ethereum spot ETF have been successively approved; the US presidential candidate has expressed its support for cryptocurrencies.In terms of how to treat cryptocurrencies, national competition is becoming more and more intense.
The United States has a response to Russia’s evasion of sanctions through cryptocurrencies
On the one hand, Russia has found a shortcut to evade Western sanctions through cryptocurrencies.On the other hand, the United States will also start to worry about Russia to evade sanctions through encryption.
In July 2024, Parliament’s D-CA (D-CA) asked Russia to question Yellen on Russia’s use of cryptocurrencies and stable coins to evade Western sanctions.”The Russian central bank urges the use of cryptocurrencies to escape Western sanctions. There is no special advantage in stabilizing currency because it is stable, you cannot make money by holding it, and it usually does not pay interestThe only advantage of interest is to escape our sanctions and other laws, including tax law. I hope that when imposing sanctions on Russia, you will not promote this to promote stable coins. “
Yellen replied: We are very concerned about the use of cryptocurrencies and stable currencies.We believe that Russia’s actions are not a big deal, but as our sanctions are becoming more and more severe, this has become a worrying issue.
Summarize
Russia’s new mining rules are an important step to break through the Western economic blockade.It is true that Western sanctions have a serious impact on the Russian economy, but Russia chose to embrace the decentralized world. In the gate of this emerging finance, the equality and free spirit behind Bitcoin may bring the hope of rebirth to the Russian economy.EssenceThe encrypted world will also be more practical due to the participation of “polar bears”, showing the charming appeal of the crypto punk world.
Source: Bitchain Vision, Tas Club, Coingecko, Cointelegraph, BBC, FX168
