Comrade Bitcoin. The announced end of anti-crypto reign of Joe Biden and Gary Genslerthanks to the election of Donald Trump to the presidency of the United States, brought the visibility of crypto adoption across the Atlantic at the end of the year. But throughout 2024, and much more discreetly, Russia has also done a lot, in terms of legislation in particular, to fully incorporate Bitcoin (BTC) and cryptocurrencies into the economy of the Slavic country.
- Russia officially recognized and regulated Bitcoin mining in 2024, with legislation passed by the State Duma and signed into law by President Vladimir Putin.
- A common blockchain payment system for BRICS was presented at the end of the year, threatening the role of the US dollar as an international currency.
In 2024, Russia officially recognized and regulated Bitcoin mining
With the low energy costs of some regions of the Russian Federation, the country has long been one of the main places of Bitcoin crypto mining in the world. But in recent years, there has been a real desire on the part of the authorities to legalize these mining activities.
As early as June 2024, a first step had been taken to recognition of crypto miners who wanted to carry out their activity legally. And comprehensive legislation was subsequently adopted by the State Duma at the end of July, before being officially ratified by Russian President Vladimir Putin on August 8, 2024.
As part of this regulation, large crypto-mining companies must now register in an official register. The smallest miners, not exceeding fixed energy consumption thresholds, are not obliged to register in this national register (and their taxation will also be lighter).
A common payment system via blockchain for BRICS
In October 2024, it is the use of blockchains as a means of payment who made a great advance in Russia. In fact, during the BRICS Business Forum which was held in Moscow, was presented the future common payment system of Brazilof the Russiaof theIndeof the Chine and theSouth Africa : l’application BRICS Pay.
The 5 new countries of BRICS+ (Saudi Arabia, Egypt, Ethiopia, United Arab Emirates and Iran) are also associated to this future cross-border settlement platform. BRICS Pay will offer a digital wallet “that integrates various 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 of American dollar who is severely weakened. It is even considered a potential common cryptocurrency within the BRICS Pay system.
The Russian president himself is very aware of the power of Bitcoin and decentralized cryptocurrencies. Even recently, at the beginning of December 2024, Vladimir Putin explained that “no one can ban Bitcoin”and that it would continue to develop. Because the Russian leader has understood that cryptocurrencies will revolutionize the economy and finance, by allowing “ reduce costs and increase transaction reliability “. And Russia does not want to be left behind in these major changes, especially in the current geopolitical context, because let’s not forget that cryptocurrencies also allow it to circumvent international sanctions.
