2024

CRYPTO

Bitcoin

when

<h4><strong>Recently, the country took an important step by officially recognizing digital currencies as a type of property. </strong></h4>
<p>This means that crypto is now seen as a valuable asset in international trade, just like gold or oil. It’s a major shift that could change how countries do business with each other.</p>
<h5><strong>A New Law Backed by President Putin</strong></h5>
<p>This new move comes from a <a href="https://tass.ru/ekonomika/22533363" target="_blank" rel="noopener noreferrer nofollow">law recently approved</a> by Russian President Vladimir Putin. It allows cryptocurrencies to be used for trade settlements between countries. In simple terms, this means that businesses can now use Bitcoin and other digital currencies to pay for goods and services when dealing with international partners. No more waiting for long bank transfers or dealing with foreign exchange rates.</p>
<p>The law is part of what’s called an “<a href="https://iclrc.ru/storage/publication_pdf/ICLRC_ELR_Conclusions_1649171423.pdf" target="_blank" rel="noopener noreferrer nofollow">Experimental Legal Regime” (ELR)</a>. That may sound complicated, but it just means that Russia is testing how cryptocurrencies can work in real-world trade. The government will monitor the results to see how well it works and whether it can be expanded in the future.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">Breaking: Putin signs law recognizing digital currency as property, enabling its use in foreign trade settlements.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/Qe8rvaWpxa" rel="noopener noreferrer nofollow">pic.twitter.com/Qe8rvaWpxa</a></p>
 <p>— Crypto Machan (@CryptomachanX) <a href="https://twitter.com/CryptomachanX/status/1862449802392330285?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 29, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>The ELR is like a test drive for cryptocurrencies in trade. Russia is giving it a spin to see how well it can keep up with the needs of international business. If the test works, it could be the beginning of a bigger shift in global trade.</p>
<h5><strong>Why Does This Matter?</strong></h5>
<p>For countries and businesses, the ability to use <a href="https://www.altcoinbuzz.io/?s=bitcoin" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> and other cryptocurrencies can make international trade faster and cheaper. With digital currencies, there’s no need to rely on banks or government-controlled currencies. This makes things move faster, almost like hitting the fast-forward button.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1f7-1f1fa.png" alt="🇷🇺" class="wp-smiley" style="height: 1em; max-height: 1em;"> PUTIN LEGALIZES CRYPTO | SLASHES TAXES ON MINING PROFITS</p>
 <p>Digital currencies are now officially recognized as property in Russia under a new law signed by Putin.</p>
 <p>Crypto mining and sales are VAT-free, but operators must report clients or face fines of 40,000 rubles (~$400).… <a href="https://t.co/Mf3lKO4WOj" rel="noopener noreferrer nofollow">pic.twitter.com/Mf3lKO4WOj</a></p>
 <p>— Mario Nawfal (@MarioNawfal) <a href="https://twitter.com/MarioNawfal/status/1862465495938560156?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 29, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>It also opens the door for Russia to do business with countries that might not have strong relationships with traditional financial systems. In the world of crypto, the saying “money talks” has never been truer.</p>
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener noreferrer nofollow"><img decoding="async" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1.jpg"></a></p>
<div class="youtube-embed" data-video_id="r_Tc8zVk2x4"><iframe title="Cardano to $10? ADA Poised To make a Massive Crypto Comeback for 2025" width="696" height="392" src="https://www.youtube.com/embed/r_Tc8zVk2x4?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/putin-signs-law-recognizing-crypto-as-property/" rel="noopener noreferrer nofollow">Putin Signs Law Recognizing Crypto as Property</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

Putin Signs Law Recognizing Crypto as Property

Altcoin Buzz

Other articles published on Nov 29, 2024

Top Cryptocurrencies to Buy on Black Friday

Trump-Backed WLFI Surpasses Sales Goal with TRON DAO’s Major Investment

Putin signs bill recognizing Bitcoin as property in Russia

Coinbase will end USDC Rewards for EU clients due to MiCA

Huge Crypto Gains On Offer Q4 2024: Investors Pick Pepe, Dogecoin, And Innovative ERC 20 Token As...

Can Shiba Inu (SHIB) Gather Momentum for a Potential Breakout?

Join our free newsletter for daily crypto updates!