MOSCOW: Russia’s Federation Council has approved a bill that legalises the mining of cryptocurrencies and allows the central bank to authorise selected businesses to carry out cross-border settlements and exchange trading in digital currency, Russia Today reported on Friday.

The legislation, which is still to be signed into law by President Vladimir Putin, allows legal entities and individual entrepreneurs approved by the Ministry of Digital Development Communications and Mass Media to conduct virtual currency mining.

The document also includes a ban on advertising cryptocurrencies and offering them to an unlimited number of people. The restriction would come into effect ten days after the law is published by the government.

The law also obliges crypto miners to provide information to the state-authorized body about digital currency obtained as a result of mining. The government will have the right to introduce a ban or restriction on transactions with digital currency to maintain Russia’s monetary stabili
ty. Most of the amendments regulating the mining process are expected to come into force on November 1.

In July, Russian President Vladimir Putin signed a law on the introduction of the digital ruble and the creation of a corresponding electronic platform.

Source : Emirates News Agency