Bitcoin Breaks $60,000 as Russia Legalizes BTC Mining – New ATH Next?

• Russia’s legalization of BTC mining boosts Bitcoin’s legitimacy, driving prices over $60K.
• Regulatory support in Russia may fuel Bitcoin’s path to a new all-time high.

Since Russia has passed a new law legalizing cryptocurrency mining, it marks a significant step in the country’s approach to digital financial assets. Mirroring our recent discussion on the topic of Russia legalizing Bitcoin and XRP payments for trade, under the new legislation, foreign digital assets can now be traded on Russian blockchain platforms.

According to Collin Brown, the law also indicates that as long as mining operations stay within energy limits, no registration is required.

Big news from Russia! President Putin just signed a bill legalizing #Bitcoin (#BTC) and crypto mining! As long as you stay within the energy limits, no registration needed. Mining now officially part of the crypto circulation! #CryptoNews #Russia #blockchain… pic.twitter.com/uccqyGx9QT

— Collin Brown (@CollinBrownXRP) August 8, 2024

He further emphasized that this development means mining is now officially recognized as part of crypto circulation. This move is seen as a significant shift in Russia’s stance on Bitcoin (BTC) and cryptocurrency mining.

Will a new ATH come next for BTC?

For the sake of security, the Bank of Russia will have the authority to ban specific digital assets if they pose a risk to the country’s financial stability. This supports the potential for a new ATH for BTC. Furthermore, in discussions with the government, President Vladimir Putin emphasized the importance of establishing a robust legal and regulatory framework for digital currencies.

He highlighted the need for Russia to act swiftly to develop the necessary infrastructure and conditions for the circulation of these digital assets. The new regulations will come into effect ten days after their official publication unless otherwise specified. As for now, BTC prices have increased by 7.04% in the past day, reaching $61,408.43. See the BTC price chart below.