Sat, April 27, 2024 at 14:06

• 

  Kang-hoon

  • Good day, Annie.

  • Today, I'd like to discuss a recent development in Russia's cryptocurrency landscape.

  • The country is making its first foray into the crypto world with a proposed bill aimed at legalizing and regulating crypto mining within its borders.

  • 
• Annie

  • Oh, really?😮 That's quite interesting.

  • What does this bill entail?

  
• 

  Kang-hoon

  • The bill, submitted to the State Duma, Russia's lower house of parliament, seeks to strike a balance between encouraging this new industry and mitigating potential risks.

  • It proposes a licensing system for crypto miners.

  • Only registered businesses and individual entrepreneurs would be allowed to mine.

• Annie

  • Hmm...so it's not open to everyone then?

  • What about people who mine as a hobby?

  
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  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • Good question, Annie.

  • The bill does acknowledge the existence of hobbyist miners.

  • Individuals who stay below a yet-to-be-determined energy consumption limit would be allowed to mine without a license.

• Annie

  • Oh, I see!👍 So they're trying to control the energy consumption too.

  • But what about the security aspect?

  • Cryptocurrencies can be used for illegal activities, right?

  
• 

  Kang-hoon

  • Absolutely.

  • The bill prioritizes anti-money laundering measures.

  • Miners would be required to report their activities to authorized bodies, providing details like identifier addresses and obtained digital currency.

• Annie

  • Hmm...that sounds reasonable.

  • But what about selling the mined cryptocurrencies?

  • Is there any provision for that in the bill?

  
• 

  Kang-hoon

  • The ability to sell mined cryptocurrencies is indeed a key aspect of the bill.

  • While the exact details remain unclear, the possibility of selling on foreign platforms suggests a potential limitation on domestic crypto trading.

• Annie

  • I see.🤔 So, they're trying to exert greater control over the crypto market within Russia.

  • But what's the political angle to this?

  
• 

  Kang-hoon

  • Interestingly, legalizing crypto mining could provide Russia with a way to access international financial markets that might otherwise be restricted due to sanctions.

  • 

  • However, the effectiveness of this strategy remains to be seen.

• Annie

  • Hmm...sounds like a gamble.

  • But overall, do you think this is good news or bad news?

  • And how will it affect the market?

  
• 

  Kang-hoon

  • In my opinion, this is good news.

  • It represents a cautious embrace of cryptocurrency mining by Russia.

  • It acknowledges the potential of this new technology while outlining measures to address concerns about money laundering, energy consumption, and potential uses to circumvent sanctions.

  • As for the market impact, it could potentially boost confidence in crypto mining and trading.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.