Legalization of blockchain in Russia

Last week local media reported that trade of cryptocurrencies will be legalised by July 2018 on regulated exchanges, but will be taxed. 

Aleksey Kolesnik, a Russian businessman, is planning to buy two power stations for cryptocurrency mining operations in in Perm and Udmurtia, regions roughly 1,200 km East of Moscow. Kolesnik paid around $3 million for the projects, success of which is in  the Russian government’s hands.

Regardless of the recent falls in exchange rates, the massive influx of users looking to trade cryptocurrency didn’t decrease. It wouldn’t be surprising to see more big mining operations pop up in the country as demand for cryptocurrency grows - which inevitably puts more strain on the network.

Vladimir Putin came up with an idea to create a multinational cryptocurrency intended to be used bt BRICS and EEU members.